One of the first and most challenging steps in vendor management is receiving the correct documentation from your vendors.
The Venminder team can help by gathering a comprehensive set of documents on behalf of your financial institution to include audit reports, financials, business continuity plans, security testing results, policies, insurance certificates and much more.
Documents Collected: We will collect due diligence documents for an average of 15 documents (financials, SOC's, insurance, BCP, etc) from your moderate to high risk vendors.
Available Vendors: Over 1,600 vendors are already in our system, so chances are we have your vendors documents.
Depositing Documents: The documents are deposited into our Venminder core and you will be alerted once they become available.
Updating Documents: New versions of documents are collected as the documents on file have expired.
Each of your vendor’s level of importance and risk to your institution will dictate the scope and depth of your due diligence.
One of the fundamental requirements of the guidance is ongoing monitoring; it’s every bit as important as risk assessment and due diligence.
Monitoring of your third parties can help identify a problem before it becomes a crisis.
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!