Vendor Management 

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Most financial institutions use a vast array of vendors for delivery of products and services. Managing these vendors is a highly regulated process due to consumer protection and risk concerns.

Vendor Management is a PowerTool within the ComplianceTools ecosystem that automates the entire lifecycle of activities from vendor selection, risk assessment, and due diligence, to contract review and required documentation. Vendor Management buys back time by automating all activities into simple work steps to save time by getting the right work to the right people at the right time so nothing falls through the cracks.

Through visibility to auto-renewing contracts, vendor risk levels, and potentially unneeded contracts, your risk exposure from 3rd party relationships is decreased.

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  • Automate the entire Vendor Management lifecycle
  • Manage vendor selection, vendor risk, and contracts
  • Executive level oversight and reporting
  • Reduce risk exposure from 3rd party relationships

 Features

  • Vendor Selection
    • Evaluate Potential Vendors
    • New Vendor Due DiligenceVM_White_paper_thumbnail-1
    • Review a New Vendor Contract
    • Master Vendor Repository with key document archive
  • Assess Vendor Risk
    • Periodic Risk Assessment for Significant Vendors
    • Risk Driven Prioritization
    • Vendor Console provides complete visibility and executive oversight
  • Manage Contracts
    • Review an Existing Contract
    • Master Contract Repository
    •  Vendor Console provides complete visibility and executive oversight
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