GRMS Difference
A Service not a Data Source
See how GRMS can help your company.
About Us
GRMS | Global Risk Management Solutions is the recognized leader in providing global enterprise-wide supplier risk management programs for 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, Thomson Reuters, etc. is that GRMS is not a “data source or searchable database” but rather we are 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 get into 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' Risk Modules
GRMS has created eight primary modules that are comprised of a subset of risk components targeting key areas of supplier risk. Each client can select the modules and/or components which best meets their needs based on factors such as geography, risk and spend.
Digital Insurance Verification
GRMS has created dynamic data integrations between our Veritas platform and the leading Agency Management Systems (AMS) which are directly integrated with the insurance carrier’s databases eliminating the need to request a Certificate of Insurance (COI).
Using this technology, GRMS digitally requests insurance verification data directly from the supplier’s agent. The verification is done in real time and compared against GRMS’ client requirements. This integration continuously monitors the carrier’s databases for any changes or updates and if detected, will update the supplier’s risk assessment instantly.
Environmental, Social, and Governance (ESG)
The GRMS Supplier Risk Assessment Program can help clients learn more about how their suppliers are addressing the three key pillars of ESG.
In addition, GRMS has partnered with Ecovadis, the world’s largest and most trusted provider of business sustainability ratings, with a global network of more than 90,000+ rated companies, to incorporate these ratings into the GRMS overall risk assessment.
Health and Safety
GRMS along with a team of safety professionals, have created a comprehensive HSE program that is significantly less expensive and much easier to complete than the Avetta and ISNetworld programs. This new program enhances our existing enterprise-wide supplier risk assessment programs which include Digital Insurance Verification (DIV) and financial stability assessments.
Pricing Options
GRMS’ Supplier Risk Management 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.
Team Members
The GRMS team of professionals are committed to ensuring each client’s program is fully supported for maximum efficiency. Our 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. Our researchers and call centers are also available to provide support to assist clients as well as their suppliers.
Summary
GRMS’ proprietary Veritas platform has changed how companies can manage supplier risk. Our 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 using adjudicated data. GRMS can provide this essential outsourced solution that reduces time and compliance costs for companies worldwide.