Conducting ongoing vendor monitoring is of utmost importance, as it enables the timely identification and resolution of issues before they escalate into more significant challenges. With Vendor Risk Monitoring Service Provider Owlin, businesses can monitor vast portfolios for adverse media across diverse languages and geographic regions.
Empower your organization’s vendor risk management framework and make informed decisions with Owlin’s powerful vendor risk monitoring solution.
Owlin allows you to monitor an extensive network of over three million news sources, spanning 16 different languages. Uncover in-depth insights into your global vendor landscape, and receive risk information about vendors that may pose risks to your organization.
Detect any new risks that might be emerging and separate important signals from irrelevant ones. Easily assess your portfolio’s risk by ranking it dynamically based on different types of risk factors like financial, compliance, regulatory, operational, or reputational risks.
Owlin helps you stay ahead of emerging risks with personalized alerts for the vendors in your portfolio. You’ll receive these alerts through push notifications or a convenient daily/weekly newsletter.
Performing regular checks on hundreds, or even thousands, of vendors is a daunting task for humans, especially when it requires timely screening of news from around the world. However, with Owlin’s tool, your organization can analyze vast amounts of global data on a continuous basis.
Vendor Risk Monitoring involves the process of continuously evaluating the vendors your company engages with to gauge the level of risk they might present to your organization. This critical practice is often integral to a company’s Vendor Risk Management Program. By regularly monitoring vendors, businesses can proactively identify and mitigate potential risks, ensuring smooth and secure functioning operations.
Through diligent vendor risk monitoring, organizations can make informed decisions about addressing and protecting their organization’s best interests from threats caused by vendors. These potential risks can span various areas, such as operational, regulatory, reputational, and financial risks.
When organizations monitor other businesses by closely tracking the news, it’s called adverse media monitoring. There are different ways to monitor adverse media. One common approach is to assign people to conduct manual risk assessments and carefully review news sources and relevant information to identify any negative incidents related to vendors.
However, monitoring multiple vendors can be challenging for humans, especially when they need to review news from around the world in different languages quickly. Fortunately, organizations can use advanced technologies like Artificial Intelligence (AI) and Natural Language Processing (NLP) to automate the process. This automation helps companies discover essential insights that might have been missed otherwise and allows them to monitor many vendors effectively.
When monitoring the news for vendor risk, businesses usually look for news indicating operational, compliance, reputational, information security, financial, supply chain, or legal risk.
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