With our Vendor Management Module you can now create custom classification templates. Once created, you can add the templates to the relevant vendors. Answer the classification in relation to the specific vendor and a risk level and score will be generated.
The risk classification templates can only be made by administrators, however the classifications can be answered by everyone in your organisation who have access to the Vendor Management Module. The creation flow is quiet similar to the creation of audit templates. You can read more about questions, sections, branching logic, required questions, preview and testing, template status and version here: Create audit template.
As an administrator go to "Settings" and choose "Visit vendor classifications". From here you can create a new template and see a comprehensive list of the classifications you have created. The list consists of the template name, associated compliance areas, score enabled, activation date, version and status. If you wish to see archived classifications, simply toggle to "Archived" at the top of the list.
When creating a new template provide a name, a description (optional) and specify the compliance areas that the classification should cover (optional). Furthermore, you can enable/disable scores based on the responses.
You can also create a copy of a classification that you previously created. This way you don't have to start from scratch and the risk levels and intervals, questions, branching logic, sections and other design setting are transferred to the copy.
Risk levels and intervals
When you enter the template draft you now have to select which risk levels should be included in the template. Furthermore, you have to set the percentage intervals that determine the vendors risk level based on the responses provided.
You can add as many risk levels as you would like. The default levels are "High" and "Low" but you may for example want to add "Very high", "High", "Moderate", "Low" and "Very low". Simply click "Add new interval" and change the title and icon so it matches your desired intervals.
Now you will have to set the percentage intervals that determine the respondents risk level based on the provided answers. As the vendor score increases, the associated risk level should decrease. So if the answers provided scores 100% the vendors should typically be placed within the risk level "Very low" and vice versa.
Section weighting
Assign a percentage weighting to each section. The total weighting for all section must add up to 100%. For instance, you can distribute the weight evenly with four sections at 25% each. Alternatively, you have the flexibility to assign different weights, such as having three sections at 20% each and the fourth section at 40%.
Question weighting
Assign a percentage weighting to the question. The total weighting for all questions must add up to 100%. For instance, you can distribute the weight evenly with four questions at 25% each. Alternatively, you have the flexibility to assign different weights, such as having three questions at 20% each and the fourth question at 40%.
Answer option weighting
Assign a percentage weighting to each answer option. The weighting can range from 0% to 100% on each answer option. For instance, you might have the answers option “Yes” having a weighting of 0% and the answers option “No” having a weighting of 100%.
Total weighting
The total weighting shows how far you are with the weighting of your template. You can only activate the template when the total weighting is 100%. It is the combined weighting of your questions that determines the template's total weight. If you use sections, the progress bar is determined by the weighting of the sections. For a section to count, the questions within that section must also add up to 100%.
When your classification template is activated you're ready to add it to any relevant vendor. Read more here: LINK.