Relationships are the details of a contract, agreement, or arrangement that exists for the customer with a supplier. A business relationship is a formal contractual agreement between two or more parties, where one is providing a good/service to the other(s). Relationships can be very simple, or they can be extremely complex with several different contacts, locations, organizational units and services.
Risk Assess provides the ability to store and manage the documents, attributes and processes around a relationship; track metrics of the contract (e.g., risk rating; performance score; compliance ratings, etc.); and understand what organizations (e.g., business units, lines of business, cost centers) are using the contract; collaborate and discuss the contract and track relevant documents with others.
There is no limit to the number of relationships or levels of hierarchy that can be stored and represented in the application. For example, for any given supplier a client can store master agreements, sub-agreements and statements of work, etc. By storing each as a relationship, customers can then measure the risk, ensure compliance, manage the information and attributes, and assess performance of each agreement.