Risk managers everywhere cite lack of vendor engagement as the #1 challenge in 3rd party compliance. Getting your vendors started off on the right foot is key to a successful compliance program. That's why we've developed a library of resources to help you successfully onboard your vendors, and we actively provide training and support for vendors on an ongoing basis.
Your vendors may need a Letter of Authorization to submit compliance information via the Trust Exchange, rather than sending it directly to you. This simply verifies that you are authorizing them to meet their compliance requirements by making these submissions. Below is a sample Letter of Authorization that you can customize for your vendors. An editable version is attached to this article for your convenience.
We are standing to support your vendor onboarding. If you have a question or challenge, please submit a support request immediately. Vendor onboarding is the most crucial phase of the process.
Sample Letter of Authorization:
Our Company has contracted with the Trust Exchange to help with the process of performing required Vendor Due Diligence. As one of Our Company’s vendors, we will need information and copies of documents from your company. This letter serves as authorization for you to submit the requested compliance documents by uploading them to your document repository via your profile on the provided Trust Exchange application.
In order to submit compliance information, you will need to register your Trust Exchange user login by providing a username, password and email address via the following link:
Please go to https://web.trustexchange.com/register.php and choose the “Free” Basic App Access plan to register for your free user account.
Once you have registered, you will be given access to your company profile and instructions for submitting required compliance information and documents. You can simplify your compliance reporting by uploading once and then sharing information with your customers on the Trust Exchange.
About the Trust Exchange:
The Trust Exchange is a community of businesses who securely disclose and monitor key information to increase their trust in each other. They have created their web-based software platform to help businesses and their vendors and partners reduce costs and improve compliance. Trust Exchange has done this by leveraging the latest innovations in software and data management.
Here are the key benefits:
- Increase compliance readiness while reducing the cost of compliance
- Comply with the new regulations and guidelines.
- Increased visibility through your organization from the front line to the Board of Directors.
The Trust Exchange platform scales the problem with an exponential solution. In the same way that Facebook connects hundreds of millions of people globally or LinkedIn does so for business connections, Trust Exchange provides a platform where companies can exchange this mission critical information via secure, easy-to-use, one-to-many transactions for information exchange.
If you have any questions, please email XXXXX@ourcompany.com at your earliest convenience. Your immediate help is very much appreciated.
Please note due to regulations Our Company requires this information. It is important that your company respond to this request.