VendorRisk for banks
Vendor management software for banks, built around the exam
VendorRisk gives community and regional banks one place to inventory third parties, tier them by risk, run due diligence, track contracts and report to the board, with the record your OCC, FDIC or Federal Reserve examiner will ask to see.
- Plans from $8,000 per year
- Unlimited users
- No long-term contract
What a bank's vendor program has to show
A complete third-party inventory
Every vendor in one register, each with a risk level, an internal owner, contacts and documents.
Due diligence that matches the risk
Structured questionnaires tiered to vendor risk, completed by the vendor in a secure portal, scored and routed for approval.
Inherent and residual risk on record
Risk assessment templates that score responses and tie each vendor's risk level to how often it is reviewed.
Contracts with the provisions examiners look for
A library of 40+ provisions, including audit rights, business continuity, data security and termination, tracked on every contract.
Sanctions and watchlist screening
Search watchlists such as OFAC and SAM from the vendor record, in support of your BSA/AML obligations.
Committee and board oversight
Route reviews through a committee for documented sign-off, and export program reports to Excel or PDF for the board.
Between reviews, nothing lapses
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SOC reports and insurance certificates stay current
Request documents from vendors through the portal and get alerted before they expire. Document requests → -
Critical vendors are monitored daily
With an Argos Risk subscription, financial health and cybersecurity scores appear on the vendor record. Argos Risk integration → -
Incidents and findings are followed to closure
Log incidents, raise remediation items on flagged review answers, and track each one until it is resolved. Remediation tracking →
“We decided to license VendorRisk in October 2017 based on the workflow capabilities that it offered. We evaluated several other systems at that time and have been very satisfied with our decision as we now rely on it to support our vendor management department.”
Common questions
- What does VendorRisk cost a bank?
- Pricing is published and based on the modules you choose and the number of vendors you manage, not on asset size or users. Plans start at $8,000 per year for four core modules and up to 50 vendors.
- Do we need our IT department to install anything?
- No. VendorRisk is a hosted web application; nothing is installed inside your network. Single sign-on is available if you want it.
- Can board and committee members have their own logins?
- Yes. There are no per-user fees, so you can add as many users as your program requires.
- Can someone run the program for us?
- Yes. Our managed services partners can collect documents, conduct due diligence reviews and help with policies and procedures.
Also see
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