The cornerstone of any vendor risk management program is the vendor risk assessment. It assigns the risk tier for each vendor which then drives the due diligence requirements. Done poorly, you’ll open yourself to examiner scrutiny or waste a lot of time and money chasing unnecessary documents.
Using our vendor management software, our vendor management consultants will complete the six question vendor risk assessment on your behalf (subject to your approval) for every one of your vendors. Examiners love the independent risk assessment. You’ll love the time savings.
- We do it for you. No more chasing down line of business owners to complete the risk assessment.
- We do an annual vendor risk assessment refresh of all your vendors AND same day risk assessments for vendors under consideration
- Dramatically reduces the volume of documents you need for lower risk vendors
- Examiner-approved vendor risk assessment methodology, questions and weighting
- Fine tuned over six years and 4,000 vendors
So, What Makes Us Different?
DO IT FOR ME
In our 4,000+ vendor risk assessments, we’ve learned that your vendor database is incomplete, your lines of business hate doing risk assessments and your Boards ask questions about vendors that compliance can’t answer. So we clean up your vendor data , do the vendor risk assessment for you, and present the results to your team, committee or Board.
SIMPLE, SCALABLE & REPEATABLE
Do you really need a 50 question vendor risk assessment? Of course not. Most vendor management software companies have over-complicated a very simple concept so much that Rube Goldberg would be embarrassed. Our elegantly simple, six question vendor risk assessment has been approved by examiners in institutions from $30MM to $30BB.
WE KNOW THESE VENDORS
We know the bank and credit union vendor market better than anyone. We know their risk profiles. We know which vendors can be replaced easily and which can’t, and we know which vendors will agree to contract language changes and which won’t.
Learn More About Our Vendor Risk Assessment Services and Software
Schedule a time to talk with one of our Vendor Management Consultants or, if you’re ready, request a custom pricing proposal