Vendor Management for Banks and Credit Unions
VendorRisk was originally developed for a bank and therefore built with the needs of financial institutions in mind.
Benefits to Banks and Credit Unions
- Create diligence forms and attach to vendor contracts
- Assign and track risk posed by your vendors
- Reports and charts that you can show external regulators and auditors
- Upload unlimited vendor and contract-related documents
- Strong security built into the application
- Web-based software — no additional burden on your IT staff
- Cost-effective compared to other web-based alternatives
"Regulators have been generally concerned about relationships with vendors of products or services for many years... The regulatory concern has heightened dramatically in recent years, in part because banks are outsourcing more services and technology."CUNA Operations Sales & Service Council
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