The GRMS Difference: A Service not a Data Source
GRMS | Global Risk Management Solutions is the recognized leader in providing global enterprise-wide supplier risk assessment programs of suppliers, contractors and service providers in over 120 countries.
Service vs. Data Source
The primary difference between GRMS and data only providers like D&B, Thompson Reuters, etc. is that GRMS is not a “data source or searchable database” but rather GRMS is a “technology driven service company”.
Data source companies provide inexpensive raw data which has not been adjudicated (meaning verified) and they do not validate documents. GRMS’ services include the adjudication of data, physical review of documents and a support system that assists suppliers to compliance with their client’s risk assessment requirements.
The Veritas Platform
GRMS’ proprietary technology platform is aptly named Veritas as it verifies the “truth” for conducting business. Veritas provides a simple UI/UX design that allows clients to easily monitor and report the overall risk ratings of all of their suppliers in real time and managed in one secure location.
One of the unique features of Veritas is that it allows many individual risk components to be continuously monitored. Client users are alerted to any changes in the risk rating for these components. Suppliers are also provided a Veritas supplier portal which allows them to easily update information, submit documents and manage their compliance.
Veritas includes JSON APIs that allows it to integrate with most supplier management platforms.
GRMS’ Supplier Risk Assessment Programs can be supplier funded (no cost to client), client funded or a combination of client funded (Strategic Suppliers) and supplier funded (Non-strategic Suppliers). The choice is up to the client.
The GRMS team of professionals are committed to ensuring each client’s program is fully supported for maximum efficiency. The implementation team works with each client’s program to ensure a smooth onboarding of the program with minimal use of a client’s personnel time. GRMS’ researchers and call centers are also available to provide support to assist clients as well as their suppliers.
GRMS’ propriety Veritas platform has changed how companies can manage supplier risk. Their technology driven service based programs are different than any others as they offer companies the ability to proactively manage operational risks by monitoring suppliers with real time alerts. GRMS can provide this essential outsourced solution that reduces time and compliance costs for companies worldwide.