Download a sample vendor benefit scorecard.
If your lenders ran lending just to satisfy examiners, they would never make a loan. So why do you run your vendor management program just to satisfy examiners?
Effective vendor management programs should improve vendor performance, reduce vendor cost and mitigate vendor risk. While your examiners, auditors and every other vendor management software and service company only focus on vendor risk, your Board and executive team are focused on all three legs of the vendor management stool. And so are we.
The Cornerstone of our vendor performance review is our vendor performance scorecard. It’s a one page red, yellow, green scorecard for each of your major vendors that measures employee satisfaction, compares it to peer, and identifies vendor performance improvement opportunities.
We then create a Board-friendly vendor performance action plan that includes these vendor performance improvement recommendations with our vendor cost reduction recommendations and our vendor risk action plan to provide the only comprehensive cost/performance/risk vendor management report available in the industry.
We’ll survey your employees, rate their satisfaction, identify their issues and develop recommendations for improving your vendors’ performance.
We are in the vendor evaluation business, so we are evaluating all aspects of the major vendors every day. Not only do we review vendor financials and attend vendor earnings calls, but we meet with vendor executives every Friday to get product, company and security updates. We track vendor wins and losses , monitor changes in marketshare , evaluate their products and know about problems before they’re public.
Our VendorVault™ includes hundreds of financial institution’s digital vendor satisfaction ratings across every major digital vendor. Our database also includes the most commonly under-utilized features, integration challenges and customer complaints of every major digital vendor.