Avalution added an innovative surveying and vendor risk management capability to the Catalyst platform at no additional cost. Based on the same level of pragmatism and intuitiveness you’ve come to expect from Catalyst, Avalution designed the surveying process to collect information from different program stakeholders to aid in the business continuity and IT disaster recovery planning process, with a specific use case to understand the importance and level of preparedness of key third-party dependencies.
With this functionality, our clients can create surveys to collect information for use in various Catalyst modules (i.e., business impact analysis and plans). Our clients are also now able to engage internal supplier relationship owners to establish the importance of the vendor, as well as to survey vendor representatives to understand business continuity and IT disaster recovery capabilities.
Specific to vendor risk, where such capabilities fail to align to expectations, Catalyst clients can establish corrective actions and summarize the risk via Catalyst’s Insights Reporting module.
What is the purpose of The Surveying and Vendor Risk Capabilities in Catalyst?
This new capability helps our clients better collect information from all program stakeholders as inputs into different business continuity and IT disaster recovery planning processes – resulting in the ability to easily and efficiently understand third-party exposure, apply this new-found knowledge in the BIA and Risk modules, and work to establish supply chain continuity strategies that meet stakeholder expectations.
Why IS Avalution Creating This functionality In Catalyst?
Not everyone who has input into the preparedness effort has – or should have – access to Catalyst. In general, this surveying functionality helps streamline and simplify efforts to collect program input and engagement. Additionally, supply chain disruptions are one of the leading reasons why organizations experience a disruption, which is why clearly understanding and treating vendor risk is essential in today’s business environment. Integrating a vendor risk assessment approach into Catalyst – above and beyond what’s already done with the business impact analysis and risk assessment processes – enables those responsible for business continuity to remove the complexity of prioritization and assessment by managing the effort in one system and without the need for a separate survey tool or process. Better yet, other disciplines can use this too (especially information security).
Catalyst is pre-loaded with survey content to assess vendor-related business continuity risk; however, Catalyst users can customize the questions and even add content specific to other risk disciplines.
What functionality can You expect to see?
Catalyst clients can create surveys for use in different Catalyst modules, and then an authorized user can launch the survey and review information when it’s returned by the survey recipient.
Utilizing supplier information already documented in Catalyst, an authorized user can survey an internal business owner regarding the importance of the supplier, as well as the supplier representative to understand their organization’s business continuity preparations. Neither the supplier’s internal business owner nor the supplier representative needs to be a Catalyst user; rather, surveys are completed via an external portal with completed responses automatically transferred back to Catalyst for risk treatment and reporting – with the results maintained in the Supplier list. Based on the results of the survey, an authorized Catalyst user can create corrective actions to select, implement, and maintain risk treatments. Users can then access Catalyst Insights Reporting to summarize supplier risk conclusions and graphically create a risk register – allowing them to understand the risks their organization faces based on vendor business continuity capabilities.
If you have any questions, please don’t hesitate to reach out to the Catalyst Product Manager: Brian Zawada (firstname.lastname@example.org). We’re excited to roll out this new module, and we look forward to working with you to collect your feedback, as well as additional requirements and ideas!