Outsourcing with VRM Pro™ enables you to focus on enterprise risk, rather than getting caught up in the time-consuming exercise of gathering documentation from vendors, analyzing it, and documenting your actions for auditors and examiners.
VRM Pro™ is the answer to your biggest challenge in vendor risk management. Never again will you have to worry about hiring vendor management staff or having the right expertise to assess risks. When you rely on VRM Pro™, you will always comply with your vendor management policy and will achieve 100% compliance with all the regulatory requirements.
If you are like most banks or credit unions, it is cheaper and much easier to outsource your vendor management program to the trusted expertise of an outsourced provider like VendorInsight®.
We perform your vendor reviews and maintain your records so your institution is always ready for a regulatory exam or audit. Our subject matter experts and vendor management officers keep everything organized for you and provide management and board reports on a regular basis.
In addition, you get access to the industry’s leading software solution for VendorInsight®, so you can monitor our performance, audit our documentation and generate reports on demand.
We classify your vendors, rate their criticality, perform due diligence and keep all of your documentation up to date. You simply review the results of our analysis and determine whether to accept the risk of the vendor relationship or to mitigate risk through additional controls.