The Hiperos Network provides a better way to share, manage and monitor third party information.

Regulatory scrutiny on third party risk is growing, and many of a company’s suppliers are struggling to keep up with the volume of information requests they receive. If companies truly want to facilitate third party compliance, they need to mitigate their vendors’ compliance burdens. A centralized supplier data management system can help alleviate this problem.

Why Data Management Leads to Better Supplier Compliance

Obtaining accurate and up-to-date information about suppliers is a crucial and ongoing task within any company’s third-party relationships. Businesses rely on the data third-party suppliers provide to meet compliance regulations and to make strategic business decisions. A supplier data management system makes the information request process easier for everyone involved by standardizing formats and procedures and automating workflows. A centralized system means suppliers no longer need to duplicate efforts and companies promptly receive the information they need. As a result, maintaining compliance becomes a less lengthy, more accurate and more adaptable process.

STANDARDIZE – MAKE INFORMATION REQUESTS EASIER

Hiperos Network Workflow, Standardized Vendor Questionnaires make Information Requests Easier for Companies

Benefits of Supplier Data Management

  1.  Fast
    • Accurate data readily available
    • Automate onboarding
    • Accelerate time to market
  2. Efficient
    • Process more third parties with fewer resources
    • Single, auditable record
    • Cost-effective
  3. Better meet regulatory requirements
    • Facilitate due diligence
    • Mitigate risks
    • Respond quickly to changes

How the Hiperos Network Eases the Burden of Compliance for All Parties

Based on our experience helping customers manage over 600,000 third party relationships in 195 countries worldwide, we’ve created the Hiperos Network. By standardizing supplier information requested, centralizing it and automating workflows, the Hiperos Network dramatically decreases the vendors’ burden – standardized questionnaires allow vendors to store and reuse responses for multiple requests – and enables Hiperos customers to receive the information they need quickly and accurately.

The first step toward removing roadblocks to compliance is making sure internal supplier, vendor and third party data is up-to-date across the organization. Clean data facilitates sales, mitigates risks and ensures compliance. Opus provides companies with data cleansing services through our Concordance system, which maps together and synchronizes existing entity data sources for a single view of accurate data. Companies can then share this master data with their suppliers through the Hiperos Network and work with suppliers to maintain it through a single, centralized database.