Challenges Before Censinet
Prior to adopting Censinet, Faith Regional faced several challenges in managing third-party risk:
- Manual Processes: The organization relied on an internally developed vendor questionnaire that, while functional, was difficult to maintain and lacked efficiency.
- Limited Visibility: Initial assessments were performed, but reassessments were not consistently executed, creating gaps in risk oversight.
- Inefficient Tracking: Tracking vendor compliance and remediation required significant manual effort, often leading to delays and inconsistencies.
- Challenges in Risk Prioritization: Determining which vendors posed the highest risk was difficult without a standardized framework for stratification and follow-up.
On Automating Vendor Compliance
Why Censinet?
Recognizing the need for a more scalable approach to third-party risk management, Faith Regional selected Censinet for its ability to drive:
- Faster Risk Assessments: Censinet streamlines the risk assessment process, enabling vendors to respond efficiently and eliminating the need for redundant data entry.
- Longitudinal Risk Visibility: The platform provides a clear, ongoing view of risk, ensuring vendor compliance and risk monitoring doesn’t stop after initial onboarding.
- Improved Policy Enforcement: With Censinet, Faith Regional requires vendors to complete the risk assessment process before contracting, preventing workarounds and ensuring compliance.