Gaithersburg, MD (PRWEB) October 03, 2017
Vendor Centric, a leading procurement and vendor management consultancy and VendorRisk, a leading procurement & vendor management software provider, today announced the release of a new feature in VendorRisk that automates the process for exclusion searches in the System for Award Management (SAM) database. The new feature was a collaborative effort between the two companies to help federal grant recipients streamline procurement management and comply with the new Uniform Guidance procurement standards.
“A large part of our client base consists of federal grant recipients,” said Tom Rogers, CEO of Vendor Centric. “We’ve come to learn that many of them spend an incredible amount of time performing manual SAM exclusion search. So we reached out to our procurement management software partner, VendorRisk, to see if they could create a direct interface with the SAM database to streamline this tedious process.”
The new interface between VendorRisk and SAM provides for a continual, real-time check against the SAM database of any vendor (or subrecipient) profile maintained in VendorRisk. The check can be set to run on a pre-defined interval, and to create an audit trail of day, time and results of the search. Further, VendorRisk can be set to electronically notify an organization whenever a match with the SAM database has been made.
“We are continually looking for ways to improve VendorRisk and were excited when our partners at Vendor Centric presented us with this idea,” said Gavin Mac Carthy, Co-Founder and Partner at VendorRisk. “Vendor Centric brings a wealth of knowledge and experience in the nonprofit sector. They presented us with the challenges their clients were facing, and I’m truly excited we were able to quickly establish the interface between VendorRisk and SAM. It’s a great complement to the existing interface we have between VendorRisk and the Office of Foreign Asset Control (OFAC) database.”
In addition to checking against the SAM exclusion list, the interface also brings other relevant data about vendors and subrecipients back into VendorRisk including:
- Legal business name
- SAM registration status
- Company structure
- Classification, if any, as a small, minority, woman owned or veteran owned business
- Existence of any federal debt
“Based on our recent survey of federal grant recipients, only one in five believes they are fully compliant with the new Uniform Guidance procurement requirements,” noted Rogers. “This added feature in VendorRisk will help them close that gap and move further along in their compliance efforts.”
To learn more about VendorRisk and how it supports Uniform Guidance procurement compliance visit
VendorRisk, a SaaS, web-based system was introduced into the market in 2009. It is used by over one-hundred organizations that are regulated by agencies such as CFPB, OCC, SEC, NCUA, OCR, OSHA, FDIC, FFIEC, CMS and OMB. A core value of the VendorRisk system is to create a systematic process to manage third-party vendor relationships. We offer transparent pricing, listed on our website, and access to consulting partners that address additional business needs across a number of key industry segments.
Learn more at http://www.vendorrisk.com.
About Vendor Centric
Vendor Centric specializes in helping nonprofit organizations create and maintain disciplined policies, procedures and systems for procurement and vendor management. Our software and services, which are based on our Vendor Lifecycle Management Model, enable our clients to mitigate risk, control costs, ensure compliance and drive higher levels of performance with their vendors. The firm is an authorized consulting partner for VendorRisk.
Learn more at http://www.vendorcentric.com.