Effective vendor management focuses on vendor benefit management, vendor cost management, and vendor risk management. Our services and cloud-based software help with all three legs of vendor management and are available to banks and credit unions that are looking for vendor management software, already use someone else’s software or don’t want to mess with software at all.
Web-based user surveys to assess vendor performance by end users as well as a vendor strategic partnership survey designed to assess the strategic relationship with the vendor:
- Review of results and current vendor landscape with a Cornerstone consultant
- Results assist in determining whether the financial institution should conduct a comprehensive business needs assessment which may result in a market look of a new system/vendor or a focus on optimizing the system in place
Real-Time Roadmap to Manage Contracts
Actionable roadmap that provides insights into:
- Opportunity ratings of each agreement based on comparison to market and leverage
- When a contract should be surveyed to garner key benefits
- The proper time to renegotiate a contract in order to maximize leverage
- Key recommendations to optimize negotiations
Risk Management Advisory
Consultative services to help you ensure your vendor risk management program is in line with the expectations of your regulator while not over-engineering your process:
- Assessment of your current policies, procedures, and checklists
- Gap analysis of vendor agreements vs FFIEC guidance on technology service providers
- Assessment of your vendor risk rating criteria
- Recommendations on general vendor management best practices
So, What Makes Us Different?
DO IT FOR ME
Services plus optional software = huge time savings and successful exams. Let us do your risk assessments, gather and review your due diligence documents, and create your Board and examiner presentations so you can focus your time on making the best business decisions from our recommendations. We’ll even load and run the software for you.
RISK, COST AND BENEFIT
Vendor management includes vendor risk management, vendor cost management and vendor benefit management. We are the only vendor management software and service company that reviews and reports on all three legs of the vendor management stool.
Many competing vendor management software and services are actually resold by your moderate to high risk vendors . This means they will only share publicly available information. We on the other hand are Gonzo and share non-public vendor dirt every day, all day.
Once the contracts are signed and the solutions implemented, vendor management shifts to ongoing vendor risk assessment.