|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.
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.
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 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.