A thorough Vendor Risk Management Program document is essential for expanding on the foundation that your board-level Vendor Risk Management Policy created. The program is the underpinning of your vendor risk management protocol; it should be a hands-on type of document that the lines of business regularly use so they know what their role is in the vendor management process.
Our experienced vendor managers have “real world” financial institution experience. We can review your program for compliance with regulatory guidance as well as industry best practices. A few hours of effort can help identify and proactively address any deficiencies in your program.
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!