Status

Status, developed by Blue Umbrella GRC, is a compliance program technology that aims to centralize and automate third-party compliance functions. According to the vendor, this solution brings order and logic to the dynamic environment of third-party compliance, helping companies manage risks and ensure compliance with regulations. Status is designed to support lean or global compliance teams, making it suitable for companies of various sizes. It caters to a wide range of professions and industries, including compliance professionals, risk management professionals, legal professionals, procurement professionals, and business units in various industries.

Key Features

End-to-end third-party due diligence management: Status provides a solution for managing the entire third-party due diligence process. According to the vendor, it allows users to centralize and streamline the collection and analysis of information from third parties.

Pre-configured integrations and APIs: Status offers pre-configured integrations with popular enterprise technology platforms such as Aravo, Oracle, SAP, HubSpot, Pipedrive, and more. The vendor states that it also provides REST APIs and SFTP integration options, allowing seamless data synchronization between Status and other systems used by the organization.

Automation engine: Status features a robust automation engine that allows users to automate various compliance processes and workflows. According to the vendor, users can customize and configure automated tasks and actions based on their specific compliance requirements.

Custom workflow: Status allows users to create and implement custom workflows tailored to their organization's compliance processes. The vendor claims that users can define and automate the sequence of tasks, approvals, and notifications required for each compliance activity.

Internal approvals: Status facilitates the management of internal approval processes related to compliance activities. Users can define approval hierarchies and workflows to ensure proper authorization and oversight, as per the vendor's claims.

Risk scoring engine: Status includes a risk scoring engine that enables the assessment and quantification of risks associated with third parties. Users can define risk criteria and weightage to calculate risk scores based on various factors, according to the vendor.

Contract management: Status offers contract management capabilities to store, track, and manage contracts related to third-party relationships. Users can centralize contract documentation, track key contract milestones, and set up automated alerts for contract renewals and expirations, as claimed by the vendor.

Custom questionnaires: Status allows users to create and deploy custom questionnaires to gather specific compliance-related information from third parties. Users can design questionnaires tailored to their organization's compliance requirements and industry standards, according to the vendor.

Report automation: Status enables the automation of report generation and delivery, saving time and effort. Users can configure report templates and schedules to generate compliance reports automatically. The platform supports the customization of report content and formatting to meet specific reporting needs, according to the vendor.