Third-party vendors help you deliver innovative products and services. They also subject your financial institution to a variety of additional risks. With Scout’s Vendor Management Software, you can be assured of a consistent, repeatable approach to:
- Vendor contract management
- Vendor due diligence and selection
- Vendor performance management and reporting
- Vendor risk assessments
- Vendor incident tracking and management
The Vendor Manager Package contains two modules: the Vendor Management Module and the Task Module.
The Vendor Management Module is used for: Contract Management, Due Diligence Selection and Management, and Vendor Risk Assessment Reporting.
The Task Module is used to Assign, Track and Report on Tasks.
- Track contracts and costs
- Categorize vendors
- Manage evergreen contracts
- Attach notes and documents
- Contract reminders via email system
- Track mid-contract issues and concerns for discussion at contract renewal
DUE DILIGENCE SELECTION AND MANAGEMENT
- Automatically configure due diligence based upon vendor’s risk ratings
- Customize due diligence to match your policy
- Includes vendor due diligence templates based upon FFIEC Guidance
- Meet deadlines with the due diligence reminder email system
VENDOR RISK ASSESSMENT REPORTING
- Vendor risk assessment is a by-product of managing your contracts and due diligence
- Monitor and report on contracts and due diligence process by vendor or vendor risk scores
- Centralized dashboard summarizes outstanding items in real time
ASSIGN, TRACK AND REPORT ON TASKS
- Manage multiple tasks, assigned to multiple assignees
- Use email reminders to keep yourself and others on track
- Customize task categories for better organization
- Document stage of completion and actions taken, and add attachments needed to support the steps taken
- Flexible task reporting helps you accomodate your unique needs
Supernal’s Vendor Manager software streamlines and automates the vendor management process. You’ll generate better vendor management reports and get more done, all while properly performing the vendor risk assessments required for compliance.
Click below for a free white paper outlining 9 Simple Steps to Vendor Management.
To learn more about other solutions from Supernal or for more information, click here.