As our team continues to expand our use of Ramp’s Procurement functionality, we have identified several enhancements that would significantly improve our vendor management process.
- Dedicated Procurement Section Within the Vendor Profile
We would like to see a dedicated Procurement tab or section within each vendor profile that centralizes vendor management and due diligence activities.
- Customizable Vendor Document Checklist
Within the vendor profile, we would like the ability to create and maintain a customizable checklist of required vendor documents. This would allow our Vendor Management team to:
- Define which documents are required for each vendor
- Track document completion status
- Check items off as documents are received and reviewed
- Quickly identify missing documentation
- Vendor Risk Classification
We would like the ability to assign and track vendor risk levels directly within the vendor profile (Example: Low, Moderate, High Risk.) This would allow our team to easily identify vendors that require enhanced oversight and due diligence.
- Reminder and Tickler Functionality
For vendors classified as Moderate or High Risk, it would be beneficial to have a reminder or tickler system that can generate notifications for recurring due diligence activities, such as:
- Annual reviews
- Updated insurance certificates
- SOC report requests
- Security assessments
- Other compliance documentation
Having these reminders tied directly to the vendor profile would greatly improve ongoing vendor monitoring.
- SOC Report Tracking
Currently, contract documents can be opened and key contract details can be tracked within Ramp. We would like similar functionality for SOC documents. Specifically, we would like the ability to capture and track:
- SOC report date
- Review date
- Expiration or renewal date
- Applicable reporting period
This would allow Vendor Management to more effectively monitor vendor compliance requirements.
- Custom Vendor Document Types
We would also like the ability to create and manage custom document types within the Documents section of the vendor profile. For example, our organization utilizes several vendor onboarding and compliance forms that are unique to our processes, such as:
- Vendor Onboarding Forms
- New Vendor Payment Forms
- Vendor Risk Assessments
- Compliance Questionnaires
- Other internally required documentation
The ability to create and manage custom document categories would help us maintain all vendor-related documentation in one location and better align Ramp’s vendor profiles with our procurement and vendor management workflows.
These enhancements would significantly streamline our vendor management process and strengthen the connection between Procurement, Vendor Management, Compliance and Accounts Payable activities within Ramp.