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6 Things to Watch Out for with Your Vendor Management Software

Nov 20, 2018 by Venminder Experts

In any line of business, changing a vendor service is no easy task. The same thoughtful consideration should be given to the vendor management tool which will, ultimately, be the cornerstone of the overall vendor management program. We know of six factors to consider. 

The 6 Vendor Management Software Things to Watch Out for

When selecting a vendor management software, keep these 6 factors in mind:

  1. Expertise – It’s important the company has experts on staff who can assist with questions and/or perform any requested outsourced reviews. When looking for expertise, think CPAs for financial reviews and CISSPs for information security related reviews – just as a couple examples.

  2. Exclusivity – Ask yourself when viewing the software if it seems like it was designed to fit well with your industry’s expectations. Make sure you can do everything you need.

  3. Training – Is it a software as a service (SaaS) solution? If so, what kind of training will you get, how much training and at what cost? Is training included or an additional element of the services.

  4. System Uptime – Ask to see the system uptime results. Of course, software will experience temporary downtime for routine system maintenance but outside of that you’ll want to see that the downtime is at a minimum.

  5. System Configurability – How configurable is the system? Can it accommodate your needs and requests and are the reports board and examiner ready?

  6. Pricing – Is there tier pricing in place depending on how many vendors you onboard? Isn’t that like charging extra when all you want to do is centralize where all your vendors are being maintained? Overall, ensure your pricing is the best out of the other software options on the market.

If you’ve done your research and selected the best system for your institution, there can be a huge return on investment (ROI) as a result. If the vendor solution requires you to adapt too much or change your basic workflow to meet a predetermined workflow embedded in the software, then you need to consider a system with more flexibility. 

Check out some of our customer success stories to learn how clients like our software. Or, schedule a demoto see for yourself.

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Venminder Experts

Written by Venminder Experts

Venminder has a team of third party risk experts who provide advice, analysis and services to thousands of individuals in the financial services industry.

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