Vendor management and risk management have taken center stage in the financial services and banking industries. From internal audit to external regulator examinations, your risk management programs are under increasing scrutiny.

Your board and executives are held responsible for maintaining a risk management program in accordance with FFIEC, FDIC, Federal Reserve, OTS, OCC, NCUA and other agency guidelines. In recent years, more sophisticated technology and increased outsourcing of core functions means increased responsibility in managing these risks consistently with your internal risks. Managing vendor risk goes hand in hand with managing sensitive data and complying with GLBA, SOX and HIPAA laws.

Vendor Risk Assessments
VendorINSIGHT™ allows you to use our collaborative, integrated Vendor Risk Assessment template. Or, if your bank wishes to utilize its' current vendor risk assessment, the VendorINSIGHT™ team will review your current risk scoring and assessment methodologies. Our team will then collaborate with you to make modifications or even assist in implementing custom templates to integrate with VendorINSIGHT™.

Vendor Risk Assessment Template by VendorINSIGHT™
The responsibility to consistently complete and update these vendor risk assessments necessarily remains with your bank. VendorINSIGHT™ can facilitate this process with our customizable and collaborative Vendor Risk Assessment template. Unique features include:

• Collaborative assessment that can easily be routed around your organization
• Financial, business continuity, legal, compliance, information security and IT risk assessments are encompassed in one centralized tool
• Risk scores determine ongoing risk monitoring standards and define activities
• Completed risk assessment is imaged and tied to the contract record for easy retrieval in the event of an audit or examination
• Special monitoring ensures that risk assessments get updated