Vendor Impact™, our cloud-based bank and credit union vendor management software includes a full contract management function. Set up notification dates, automate reminder emails, report on upcoming contract dates, schedule reviews, etc. all within our software.
Anyone that uses our software has access to it, and we use this tool for our customers who don’t use our software*.
* If you already have vendor management software or don’t want to deal with software at all, no problem. We’ve got a solution for that too.
- Keep all of your vendor contracts and vendor contract risk reviews in one place
- Automate your renewal and notification reminders with your Cornerstone team as your backup escalator for critical contracts
- Above and Beyond – As part of our Virtual Contract Management Office, we’ll load your critical vendor contracts, set up your reminder dates, check-in monthly to discuss upcoming contracts and schedule a review in advance of your renewal dates to prepare vendor notice, identify missing provisions required in next agreement, and optionally request updated pricing and negotiate your renewal.
So, What Makes Us Different?
DO IT FOR ME
Optional software plus services = huge time savings and successful exams. Let us load your vendor contracts, set renewal notifications, review your critical contracts, and create your Board and examiner presentations so you can focus your time on making the best business decisions from our recommendations.
WE KNOW WHAT VENDORS WILL CONCEDE
In negotiating more than 2,000 vendor contracts on behalf of banks and credit unions, we have learned exactly what language, pricing and service level agreements (SLAs) each major vendor is willing to, and unwilling to, change in their contracts. So, would you rather have a paralegal tell you all the theoretical language changes you could wastefully pursue or would you rather hear realistic solutions to vendor contract risk issues.
Many competing vendor management software and services are actually resold by your moderate to high risk vendors. This conflict of interest limits your ability to hold your vendors accountable and is the reason we are the only vendor management software and service provider that can negotiate your vendor contracts for better performance, better pricing and better risk mitigation.