While I may not be entirely thankful for the heightened state of today’s regulatory environment, I am thankful that we live in a time of innovation and, therefore, have helpful tools to assist in the large task of maintaining an effective vendor management program.
Technology is moving forward faster than the regulations keep up. The explosion of so-called fintech products far outstrips the pace of regulation. So now it's important to learn as much as you can about the new products for third party risk management. There's bound to be one that will help you make your processes more efficient and easier on your financial institution. And once you find the right match of tools, apply tried and true techniques in using them.
Try out an automated specialized software solution
The top way to embrace latest vendor management technology is to move from Word and Excel vendor management tracking to automated specialized software solutions. And make sure to keep or add the right people to help support it and make it work. This can be done with internal hiring or outsourcing a team of experts.
Benefits of an automated specialized software solution
Using an automated specialized software solution allows for:
- Ease of reporting for examinations
- Increased efficiency
- Centralized location
- Increased organization
- Improved collaboration
- Automated and streamlined workload
- Increased accuracy
- Cost management for contracts
And they potentially offer:
- Cloud storage for all things vendor related
- Unlimited vendors
- Unlimited users
- Reminder systems for important tasks
- Ability to write and read reviews of vendor products
- Free access to compliance-related documentation for participating hosted vendors
- Calendar system setting reminders of important dates, events and follow-up tasks
- Storage for important notes and email conversations between client and vendors
- Unlimited storage of vendor/product points of contact
- Various dashboards for view of information according to vendor management role
Remember, though, the vendor management tool is only as good as the person using it. Happy hunting for that next helpful tool!