The Federal Government establishes third party vendor compliance as the responsibility of the Financial organization that utilizes vendors. Best practices dictate that vendors are extensions of your operations and you are responsible for their actions. If you are like most organizations you may not have an efficient method, or in some cases, any method to provide for the following:
myVendorView360 is the technology solution you need. The system gives you the ability to risk assess, perform due diligence, monitor on-going performance, provide operating procedures, perform training and quality assurance over your vendors.
Additional Platform Features
Our system also gives you the ability to track key employee requirements such as license information, continuing education requirements, training needs and adherence to your policies.
Follow up on past due items are handled by the system, reducing the need for utilizing precious resources, managing expired tasks or unmet requirements.
myVendorView360 provides your organization with an easy to use document library allowing your organization to easily store and retrieve key documents such as Contracts, Policies and Procedures, Business Continuity Plans, Training Materials, Client Alerts, Regulatory Requirements or other key reference material your organization maintains.
The system allows the creation of documents, including the automatic updating and version control of new documents. Documents that need to be reviewed by employees can be automatically routed and attestations of understanding can be required. The system will log and track all steps providing a thorough audit trail.
When you join our services you will be able to share your company information with other potential clients. This gives you access to many more prospective clients, but can also save you time and money by not having to resupply your information over and over to multiple clients. While not all client requests are the same, we can customize what each client’s demands from prospective vendors.
For a small monthly fee, you can choose the level of information sharing you feel is appropriate.
We can also provide services to help you garner additional business, such as educate you on what minimum qualifications potential clients maybe looking for, respond to Requests for Proposals (RFPs), and develop compliant and comprehensive policies and procedures.
Reduce Risk – If needed, our services can assess your organizations vendor management program to ensure it is appropriately addressing vendor risk. In addition, our technology platform can be integrated with your production systems ensuring that you are only using the most qualified vendors and contractors in your list.
Save Money – Having all of your vendor related information in one place allows for an efficient management program reducing wasted time gathering information together. In addition, our platform automates much of the administrative tasks allowing your employees to focus on more core business functions. Outsourcing of the administrative functions can further save you money by allowing us to manage the routine aspects of your program versus hiring and managing an FTE on your staff.
Increase Opportunity – Having an efficient and effectively managed vendor program makes your organization more effective and more marketable to your clients. Many organizations today are missing or eliminated from new business opportunities as a result of insufficient policies and procedures or knowledge of best practices related to risk management.