For every vendor you choose to do business with, there is foundational risk even if it’s limited to reputational risk. Therefore, step one in every new relationship should be to do the necessary research to know your vendor, meet regulatory requirements and protect your most valuable asset...your reputation. You can save time by having our team of experts do all the research and produce a comprehensive report for your files.
Even your lowest risk third parties represent some level of risk, so you need to at least know the basics on all of your third parties. Establishing that they are a legitimate company and that they have a good reputation are important.
The regulatory guidance requires that you consider the reputation risk associated with doing business with a third party.
In today’s world of increased outsourced risk and heightened regulatory scrutiny, third party risk management is outgrowing the capacity of existing resources at most financial institutions.
The internet of things along with the rapid movement to the cloud necessitates a whole new set of qualifications when assessing vendor risk. Additionally, the sheer volume of assessments, documentation and reporting that is required on all levels of third parties requires an efficient and organized system to properly manage it all.
The perfect solution combines the qualified experts with a robust software platform to ensure your third party risk program meets regulatory requirements and produces excellent exam results. That is what Venminder delivers!
Request and receive a free vendor vetting package. Click here.