Third-party vendors help you deliver innovative products and services. But they also subject your organization to risks outside your control. With SCOUT’s Vendor Manager, you can do the due diligence that’s required to protect yourself and your customers.
Regulators know that you’re relying on third-party vendors more than ever, and that’s why FFIEC standards and OCC standards for vendor risk management have become the leading issue area during IT regulatory exams.
SCOUT’S vendor management software streamlines and automates the third-party due diligence process. You’ll get better info and get more done….all while properly performing the risk assessments required for compliance.
Use Vendor Manager to:
- Assign and track vendor risk scores
- Save time and money associated with third-party vendor management
- Schedule email reminders for due diligence and contract due dates
- View workload in daily, weekly, or monthly calendar views
- Store notes, contracts and documentation in a central place
- Track vendor management activity
- Evaluate vendor costs by category
- Meet regulatory compliance requirements
- Evaluate and communicate risk with robust, intuitive reporting
As an added benefit, you’ll cut costs by eliminating repetitive work and better managing your vendor relationships. Get alerts to review contracts before they renew, and use automated reporting tools to conduct vendor cost analyses.
Click the DOWNLOAD button to receive a White Paper on Vendor Management best practices.
Third Party Vendor Management Solution for Banks and Credit Unions
SCOUT’S vendor management solution features a powerful risk rating tool to monitor your third-party vendors by individual contract, not just by company. Your vendor scorecard is displayed in a simple, color-coded format with reporting options designed for you, your board and your auditors.
Vendor Management Best Practices, Built-In
Built-in templates and guidelines make it easy to manage the complexity of each relationship. Vendor Manager includes recommended third-party due diligence requests and rating advice for standard financial institution vendors. Vendor Manager will even automate task reminders for you, based on your risk ratings and FFIEC and OCC guidance. Or, turn off automation and customize the tool for your own risk management processes.