Vendor Management Software Features
VENDOR MANAGEMENT SOFTWARE FEATURES

Business and Productivity


A Dedicated Program Administrator Included

With VendorInsight® you get award-winning vendor management software AND an expert Program Administrator to help you manage your program. Your Program Administrator quickly becomes part of your team, someone you can rely on to review contracts, enter vendor data, assist with report generation, and help you train and watch over your organization to ensure everyone uses VendorInsight® to its fullest capability. Every VendorInsight® Program Administrator is a trained paralegal.

Some of the things your Program Administrator will do include:

  • Implementation and Start Up Project Management
  • Contract Review and Data Entry
  • Database Setup and Document Loading
  • System Configuration (Customization)
  • Training Sessions (Initial and Ongoing)
  • Annual Review and Regulatory Updates
  • Examination and Audit Support
  • Unlimited Technical Support
  • Ongoing System Administration

Vendor Management

VendorInsight® delivers exceptional features to ensure you can manage your vendors in one place. Get everything organized and up to date and take advantage of award-winning workflow design and class-leading tools and software features so your organization can access ALL of your vendor documents easily and securely from anywhere.

Enable a complete vendor management life cycle workflow that crosses departmental boundaries or utilize the basic necessities and manage vendors in one department. Either way you choose, VendorInsight® can be configured to meet your needs and make your life easier.

  • Create, manage and update vendor records
  • Set up vendor due diligence folders for vendor selection projects
  • Manage vendor contact information
  • Customize data fields to classify vendors
  • See Vendor Risk and Performance Summaries
  • View vendor spend profiles
  • Manage vendor documentation across multiple contracts/products/services
  • Archive vendor records or project records and easily retrieve them if needed

Contract Management and Alerting

Built around best practices in vendor management, the contract monitoring and alerting systems in VendorInsight® work seamlessly and automatically. You can fully customize alerts using our alerting matrix so the right people get the alerts that are important to them. Look forward and see when critical alerts are coming or review a history of alerts received if you've just inherited a vendor relationship and are responsible for managing it.

Contract alerts include basic date notifications or more complex alerts that relate to complex auto-renewal, termination, or option provisions in your vendor agreements. Many critical vendors have complex contract structures with master agreements, statements of work or addendums. These are easily configured in VendorInsight® vendor management software to ensure you get the proper alerts, in advance, when you need them. Other alerts notify you about price increases or when related documentation expires. There are even a few proprietary, customizable alerts we recommend be enabled that have proven to be valuable to advanced vendor management teams who really want full control of their alerting process.

All of the alerting in VendorInsight® is delivered through email channels with secure links to access the alert information. Additionally, alerts are posted on users' and administrators' dashboards to ensure they get the visibility they need. Alerts that require user actions are flagged as high priority and appear on special reports that show outstanding actions and items.


Document Management

If you want every vendor document properly titled, labeled, classified and organized in the right contract folder, and associated with the right product or service delivered by the vendor, then VendorInsight®'s document management features are for you.

VendorInsight® automation enables you to manage your vendor documents and contracts with ease. Simply upload the files using our secure interface and the rest happens automatically. When a document expires, receive advance alerts. Notify your vendor and update the document when they provide the new one. VendorInsight® makes keeping up with SSAE16s, insurance certificates, information security questionnaires and other important vendor documents easy.

Documents can be viewed by properly-credentialed individuals in your organization or you can enable restricted special auditor or research credentials for special projects so your contractors or employees can access only certain types of documents.

Collaboration by vendor teams and automated workflow are enabled around vendor documents. Your information security officer can access the vendor's security certification in their vendor file while answering the vendor risk assessment questions that pertain to it.

Every VendorInsight® subscription comes with an automatic triple-redundant backup of all your documents and 7-year document retention for expired document with searchable archive and e-discovery features.


Forms and Checklists

If you are like most organizations, giving your employees access to the important policy documents, forms and checklists they need to carry out vendor management activities the way you want them to is an important part of the vendor management software you choose. You also want revision control over updates to these documents.

With VendorInsight® you control the standard templates and library of forms and checklists your organization uses as a part of the vendor management program. Updates to these documents are populated automatically in VendorInsight®.

Have a contract checklist that needs to be filled out? Or a standard information security template that should be provided to vendors? A standard NDA? All of these can be made available in your document library for easy access. (And if you don't already have these types of forms and checklists, we will provide them at the kickoff of your VendorInsight® program...free.)


Due Diligence Director

Now you can have your own automated assistant helping vendor contract owners understand exactly what due diligence is required for every vendor relationship. Set up global guidelines based on your policies and never worry again about inconsistency or audit findings. VendorInsight®'s acclaimed Due Diligence Director™ directs everyone to the right analyses and review requirements.

When coupled with the new Policy Control Module, VendorInsight® represents global and user-level dashboards, and eye-popping reports that highlight each of your vendor relationships and whether all of the due diligence documentation is in order and up-to-date.


Collaboration and Workflow

Your vendor owners, managers, subject matter experts, risk management department and executives have to collaborate to complete risk assessments, document vendor reviews, rate vendor performance and carry out your policies. Unique collaboration features enable global visibility as to the status of each collaboration request and whether tasks have been completed.

Workflow within VendorInsight® can be customized to your organization. You may prefer certain activities be centralized while others are decentralized and pushed out to contract owners. Whatever your preference, VendorInsight® has you covered. Efficiency, accountability and control are hallmarks of the way we designed VendorInsight® workflow so it can work for you.


Report Configurator

Reporting is essential. Chances are that you need regular monthly reports distributed automatically to users and managers. You also need executive reports, summary reports and specialized reports. With the Report Configurator in VendorInsight® you choose how you want the report generated, sorted and presented. From detailed PDF reports to executive summaries, to outstanding action and items reports, to fully customizable Excel data exports you will find the reporting features in VendorInsight® to be exceptional.

Combined with the Query Management features in VendorInsight®, reporting is elevated to a new level. Export your custom query findings to PDF and Excel reports for easy distribution and recordkeeping.


Query Manager

Answering the complex questions posed by auditors, risk management, executives or regulators typically takes a lot of research and time. Often this process is manual. With Query Manager your life is simplified. Build custom queries visually and logically to extract the answers you need. Data from risk assessments, contract records, and custom data fields can be combined in queries and be exported into PDF and Excel reports.

VendorInsight®'s Query Manager is unmatched in its capabilities and its ease of use shows exactly how we protect you from falling victim to time-consuming tasks and grinding data analysis.


Searchable Archive

With VendorInsight® all of your expired vendor contracts, records and documents are archived on a standard 7-year retention schedule complete with automated backup provisions for disaster recovery purposes.

The searchable archive enables you to locate old vendor records quickly and easily. With the proper credential, your Legal department can have access to the searchable archive to support litigation or compliance discovery requests.


Automated Alerting

Never miss another important contract date again. Always be reminded when vendor due diligence documents need to be updated.

VendorInsight® alerts are fully-customizable so the right people in your organization get the right alerts at the right time. Choose email delivery options and VendorInsight® emails alerts with encrypted links to directly access the relevant content in the VendorInsight® system. Dashboard alerts ensure users see and act on alerts that require their attention. Alerts also appear in special reports that are forward-looking or retrospective (historical) so you have the information you need to make decisions about everything from price increases to critical contract dates.


Vendor Exchange Portal

You can request new and replacement documents from your vendor directly from VendorInsight®. Your vendors can upload these documents and you will be notified so you can review and assign them appropriately.

 


Policy and Compliance


FREE Policy Review/Design

We have helped more than 100 banks and bank affiliates set up their vendor management programs with VendorInsight®. We get you started on the right track by doing a review of your vendor policies and helping you update them. Most of our customers find that moving onto the VendorInsight® platform is a good opportunity to update their procedures and templates.

We will make recommendations about your policies, how they should be revised, and even draft a new policy for you, if needed. Additionally, we will visually map your vendor process so you have a picture of the process and each of the key steps and who is responsible for the steps. Many of our customers embed these process flow diagrams into their policy documents.

If you don't currently have a vendor management policy or want to revise yours and want to do it on your own instead of having VendorInsight® do it, we can provide a template or framework policy to help you get started. These services are included with every VendorInsight® subscription to ensure our customers get up and running quickly and effectively.


FREE Implementation Consulting

When you are just starting out on VendorInsight® you will likely have questions about risk assessments and how they should be structured, or who should be assigned certain tasks in VendorInsight®. This is where our experience and subject matter expertise is valuable. Instead of being left to struggle with new software or being directed to a support line, VendorInsight® engages directly with you, on demand, to answer your questions and provide valuable guidance and insight. As with most things, there is often more than one way to structure a process in VendorInsight® vendor management software.

Your Program Administrator becomes an important part of your team, linking you to deep subject matter experts at VendorInsight® who can answer all of your questions and, more importantly, present the pros and cons of how certain decisions may impact your third party risk management program. We have specialists that range from certified risk professionals, to IT and technology experts, to business process design experts. All of our resources combine to form the VendorInsight® service team you can depend on.


FREE Training

Training begins from the very first kick off meeting as you learn how to access VendorInsight® and navigate its easy-to-use features. The design of VendorInsight® is so intuitive that only one half of our customers actually feel that they need training. In many instances, our customers choose to design their workflow so that users are directed to screens that are intuitive to use and set up to enable them to complete their assigned tasks quickly.

Our training services include training for your administrator(s), users and even senior management and auditors. All training is coordinated and administered by your Program Administrator who is available to run large group training sessions, one-on-one training, or refresher training. With a quick email or call, any of your users can meet online with your Program Administrator to get quick show-and-tell training or more extensive training.

VendorInsight® is also available to come on site to complete training at your location. For large enterprises, this can be an effective method as it allows you to develop a collaborative presentation that includes your policies and program updates in addition to VendorInsight® training.


Vendor Relationship Profiler (Criticality)

VendorInsight® automates the process of classifying vendors according to their criticality or relationship factors. Every third party relationship gets assigned a profile that is unique so that your vendor owners and risk management team understand exactly how the vendor should be managed and what activities need to be completed with what frequency.

When business continuity and disaster recovery factors elevate third parties to critical status, the BCP/DR module in VendorInsight® links your BCP/DR plans to the vendor record so they can be easily accessed and reviewed.

Setting up your relationship classification scheme is easy using the global VRP template in VendorINISIGHT®. We've already pre-populated the template according to a best practices framework used by other companies who have successful programs so you can focus on generating information that is accurate and complete.


Due Diligence Director

Now you can have your own automated assistant helping vendor contract owners understand exactly what due diligence is required for every vendor relationship. Set up global guidelines based on your policies and never worry again about inconsistency or audit findings. VendorInsight®'s acclaimed Due Diligence Director(tm) directs everyone to the right analyses and review requirements.

When coupled with the new Policy Control Module, VendorInsight® represents global and user-level dashboards, and eye-popping reports that highlight each of your vendor relationships and whether all of the due diligence documentation is in order and up-to-date.


Policy Compliance Dashboard

Never again will you wonder if all of your vendor documents and requirements are met and up to date. VendorInsight® delivers the most integrated PCM (policy compliance management) features of any vendor management software solution. View global, department level, or user-level policy compliance dashboards. Generate custom reports showing exactly which vendor and third party records are in or out of compliance and exactly what is needed to remediate the gaps.

Need to change or update your policy? ALL of the content in VendorInsight® is dynamically updated to reflect the new changes so you know what actions and activities are required to bring the current vendor records into compliance with the new standards.

No other solution gives you the visibility and control that VendorInsight® gives you. The PCM module also serves a dual-purpose, enabling full workbench capabilities where contract owners, VMOs (vendor management officers), information security officers and attorneys can update information and documents and content through the easy-to-use interface.


Custom Query Builder

When you need to find out what vendor relationships contain certain types of risks, or when you want to know which vendors answered certain information security questions in a certain way, or when the examiner asks you to produce a list of vendors that encrypt or back up your customer data, VendorInsight® has your back.

Just open up Query Manager, grab the relevant data fields and criteria, and your query magically and instantly extracts the answers you need. Stop spending countless hours sorting through vendor materials and utilize the powerful query features in VendorInsight® to give you more time to focus on the other important tasks you have to do. Let the Query Manager get the job done for you. Export results to PDF or to Excel readable files for further analysis or integration into other internal reports.


Vendor Risk Assessment

The Vendor Risk Assessment, or VRA, is ubiquitous. Everyone has one but not all risk assessments are created equal. The difference often lies in the ease of use, ease of collaboration, visibility, reporting and queryability of the assessment data.

VendorInsight® delivers unparalleled features that make our risk assessment one of the best in the industry. We start by giving you a best-practices template - one utilized by countless VendorInsight® customers who have passed examinations and audits with ease.

With VendorInsight® you don't have to keep up with the changing regulatory environment. We do it for you. Each quarter we publish updates to the risk assessment template that keep your program up to date. You can accept or decline these recommendations. Additionally, VendorInsight® will automatically update your risk assessment template for you! Other systems rely on you to do this.

Our unique revision control features ensure that your data and your process retain integrity when you update your VRA template or need to modify and change the questions on your risk assessment. Data can be carried forward from previous risk assessments while new data and questions populate for users to complete. These are only a few of the many features that make VendorInsight® lead the industry.

Enable collaborations on risk assessments, adjust allowable completion times for risk assessments, retain a library of assessment questions, modify or add new risk dimensions to your assessments. Even enable custom workflow notes for different credential levels. The VRA, by necessity has control and automatic logging of responses and respondents. You can even share risk assessment questions with your vendors and request they complete certain parts of the VRA form using the collaboration workflow and reporting.


Vendor Performance Review

The Vendor Performance Review has become an important part of the vendor management life cycle and is integral to the OCC prescribed ongoing monitoring that must be a part of a financial institution's third party risk management program.

VendorInsight® was the first vendor management software solution to implement vendor performance reviews built around a world-class framework of performance management and key performance indicator dimensions. Having trained and designed vendor management processes for Fortune 500 companies and large institutions for over 20 years, we understand how performance should be measured.

Link your vendor contracts and service level agreements (SLAs) to the performance review module and begin documenting vendor performance and SLA attainment onto the permanent record of the vendor. View dynamic performance scorecards side-by-side with risk scorecards to get a complete view of your vendor relationship. Adjust the review frequency for underperforming vendors to avoid risk or extend review periods for high-performing vendors to preserve valuable time that needs to be focused elsewhere.


SLA Tracking and Monitoring

Service Level Agreements (SLAs) in many vendor and third party contracts serve an important purpose - they ensure that you get the value for what you paid, whether that is through system availability, uptime, customer service, product quality or delivery. Knowing how your vendors are performing helps you make important decisions about whether to continue the vendor relationship or terminate it in favor of another higher-performing vendor that disrupts your business less and requires less energy and time to manage.

SLAs can be tracked in VendorInsight® just as other performance metrics can be tracked. Any metric or SLA, once set up and linked to your vendor contract, is automatically embedded in every vendor performance review that is completed so you always have up-to-date information and a complete history of the vendor's performance.

Certain SLAs and metrics may be tracked during the initial part of a relationship with a vendor but you may need to modify the SLAs or metrics as the vendor gets established or moves into a more trusted role serving your company. VendorInsight® enables you to modify metrics at any time, in addition to modifying the frequency with which they are reported.


Risk Narrative Profiles

With an influx of Chief Risk Officers (CROs) coming from audit firms to fill newly-created CRO positions or update the talent of existing positions, the concept of risk narrative has grown, and continues to grow, in importance. Many of our larger customers utilize our risk narrative datasheets to capture relevant risk narratives about third party, business risk, risk trend, inherent and residual risk across a number of different risk dimensions (reputational, legal, business, information, etc.)

The Risk Narrative Datasheets in VendorInsight® vendor management software are unique in that they establish a risk narrative profile for each vendor or third party and are queryable and searchable for content and completion. Risk narrative profiles are completely customizable and can be tailored to your unique needs which can extend the data in VendorInsight® into many other ERM (enterprise risk management) arenas, including payments risk, fraud, business continuity, disaster recovery and more.


Exam Reporting Bundle

With the single press of a button you can generate an entire package of audit or exam material to pass along. Key summary reports, compliance reports, contract summaries, risk profiles of your vendors and third parties, scorecards, even policy compliance reports. Show examples of your vendor records for key vendors and vendor dossiers that summarize information into a concise, easy-to-read package that builds confidence with your examiner or auditor.


Monitoring and Control


Vendor News Service

Monitoring your vendors has never been easier. With VendorInsight®'s acclaimed vendor news service we gather news, press releases, announcements, SEC filings, and other important information from regulatory and legal sites about your vendors and put it all into your vendor management software for you.

We monitor over 400 major industry and technology vendors and third parties but also enable you to add local and regional vendors and third parties to the news service with whom you do business, outsource services to, or need to monitor during due diligence and vendor selection or sourcing projects.

This one-of-a-kind VendorInsight® service ensures all of your contract owners, managers, and executives have the latest up-to-date information about your vendors. The 3-year history we maintain means you can utilize the public monitoring and news folders as a due diligence platform to simplify and streamline your efforts during vendor selection projects. Never get caught contracting with a vendor without seeing the complete picture of their market performance and public risk profile.

All news and monitoring documents are updated in VendorInsight® daily and linked to your vendor folders and content.


News Monitoring and Screening Alerts

Automated, turnkey vendor monitoring is quickly brought to life when VendorInsight® delivers special risk and news monitoring alerts directly to your desktop, to your email inbox and to your dashboard in VendorInsight® each day.

Every day, VendorInsight® vendor management software automatically screens all of the news, regulatory information and market information to determine if there is increased risk in your vendor or third party relationship. You know exactly when the vendor experiences earnings declines that threaten their financial stability, when change of control events occur, when the vendor is involved in legal proceedings that may expose them to a material financial loss, when executive leadership changes, when data breaches occur, or when any number of other conditions exist that suggest the vendor risk rating be reviewed or when special measures be implemented around the vendor relationship.

In 2013, the number of market and news monitoring risk alerts generated by VendorInsight® increased by 62% from 2012. We delivered more than 1,500 alert notifications that spanned more than 190 vendors. These news and risk monitoring alerts helped protect our customers from emerging third party risk and enabled them to implement proactive, risk mitigation strategies before their business was negatively impacted.


Vendor Market Watch

Specialized knowledge about vendors and their technologies, strengths, risks, delivery performance and customer dynamics is invaluable and is the kind of intelligence that is hard to gain, yet this intelligence is essential to effective enterprise risk management (ERM).

Vendor Market Watch enables your teams with the latest information about why you should choose or retain a vendor, and integrates key information about the vendor's solutions into your strategic planning and decision making process.

Most organizations don't know what they don't know. Having access to these unique insights and working knowledge of vendor systems and vendors' capabilities and limitations is what separates great vendor management and decision making from that burdened with unidentified risks.

Give your teams the resource they need - Vendor Market Watch - so they can make the best decisions with the least amount of risk.


Vendor Informant

VendorINFORMANT™ is an iPhone application that allows you to receive up to date information about your company's vendors 24 hours a day.

Vendor Market Watch enables your teams with the latest information about why you should choose or retain a vendor, and integrates key information about the vendor's solutions into your strategic planning and decision making process.

VendorINFORMANT® delivers VendorInsight®'s extensive vendor risk monitoring document repository. This repository includes publically available information gathered through internet searches, media news outlets and company websites.

Our dedicated staff administrators monitor the top 150 industry technology vendors daily and download relevant publically-available documents such as Annual Reports, and selected 8-K, 10-K, and 10-Q SEC filings, announcements, and other documents.

We also monitor public news, vendor announcements, and market information across various outlets that may include news wires, on-line news sources, third party research firms, and subscriptions that we maintain with third-party providers.

Additionally, our administrators will issue Risk Alerts when adverse information is identified regarding any of the vendors monitored. You can filter the document list to show just Risk Alerts.


Custom Risk Alerting

Ensuring the right people get the right risk alerts can be a complicated task. With VendorInsight® you can tailor our many alerts - from contract alerts, to due diligence alerts, to risk monitoring alerts, to vendor news alerts - so that you have the oversight and visibility you need to ensure effective risk management.

Create an escalation scheme so executives are aware of critical, high-priority alerts. Distribute routine, informational alerts and notifications to contract owners. Automatically populate key alerts and action items into exceptions reports for Risk and Compliance. Notify Legal when contract alerts require legal action or when news alerts reveal information that has legal ramifications or consequences. The VendorInsight® vendor management software and contract management system does the rest, keeping up with who needs to receive what alerts and making sure they are delivered on time.

When risk information and alerts are tailored to your organization and alerting is customized for how you work and have distributed your responsibilities, you get the control, visibility and action you want to guarantee an effective enterprise third party risk program.


Turnkey Due Diligence Services

You give us the vendor name, tell us what product or service you are considering, or whether you just need updated due diligence for a contract renewal or annual review and we take care of the rest.

You get a complete package of due diligence for your vendor with the items completed you need with all of the items updated automatically in your VendorInsight® files. Some of the things you can choose to receive include:

  • Financial Review (annual, quarterly or multi-period comparison)
  • SSAE16 Review
  • FFIEC Exam Review (for TSPs)
  • Information and Data Security Questionnaire
  • BCP/DR Review
  • OFAC Check
  • Review of Customer Complaints
  • Peer Reference Checks
  • Completed Vendor Risk Assessment
  • Completed Vendor Performance Review/Scorecard
  • News History Summary and Screening
  • Contract Review Checklist
  • Insurance Requirements Review
  • Competitive Market Analysis
  • Bid or Renew Recommendations
  • Strategic Analysis
  • Full Contract Review (Redline)
  • Negotiation Targets and Industry Benchmarks

Vendor Financial Reviews

When you work with VendorInsight®, your vendor financial reviews are always up to date and current in the system. Our expert senior analysts complete a consolidated financial analysis of your vendor's financial statements that includes bankruptcy ratios and predictors, liquidity ratios and other important financial metrics that are a proxy for financial risk. You get a complete analysis and a summary report each year uploaded into VendorInsight® and placed into your vendor folder along with a notification that the report is complete.

Need a special vendor financial review completed? Just let your Program Administrator know and VendorInsight® will complete the financial review for you. You can choose to have annual financials reviewed, quarterly financials or a period-to-period trend comparison.

Vendor Financial Reviews are one of the many ways VendorInsight® works for you and keeps protecting you. Rest easy knowing you are not exposed with outdated information or a lack of knowledge about your vendors' financial risk.

Ask us for a sample of one of our reports so you can determine if this service is right for you.


SSAE 16 Reviews

Reviewing and evaluating the SSAE16 reports of your vendors and third parties is a time-consuming process that takes many hours. Often you wait on risk management departments or internal analysts to complete their reviews as they get shuffled among other priorities. With VendorInsight® you get expert analysis and a fast review to bring your documentation and due diligence reviews up to date quickly. You get a complete analysis and a summary report with a quality rating of the SSAE16 uploaded into VendorInsight® and placed into your vendor folder along with a notification that the report is complete. And when the new SSAE16 reports are available each year, we automatically update the analysis along with the vendor's SSAE16 report.

If you need an SSAE16 analysis completed during a vendor selection or bid process, just ask us. Your Program Administrator will coordinate the resources at VendorInsight® and ensure the analysis gets completed quickly for you.


Life Cycle Vendor Monitoring

Only with VendorInsight®'s award-winning vendor management software can you get a full-featured, turnkey vendor monitoring and due diligence package that is fully integrated into your system and wrapped into one simple bundle. When you subscribe to VendorInsight®'s TLCM Services you receive a standard bundle of due diligence and annual monitoring and review services that save you an extraordinary amount of time, money and effort.

A vendor risk management software system should perform for you. This revolutionary service simplies your program dramatically. For a one-time fee you receive these services for EVERY ONE of your vendors, as needed:

ANNUAL DUE DILIGENCE INCLUDED (Available for All vendors)

  • Financial Review and Summary Report
  • SSAE16 Review and Summary Report
  • FFIEC Exam Report Review (for TSPs)
  • Completed Information and Data Security Questionnaire
  • OFAC Screening
  • Insurance Requirements Review
  • Peer Reference Checks/Calls (2)
  • Completed Vendor Risk Assessment
  • Completed Vendor Performance Review/Scorecard
  • News History Summary and Screening
  • Contract Review Checklist

ANNUAL VENDOR MONITORING INCLUDED (Available for All Vendors)

  • •Active News Monitoring (Daily)
  • •Active Market Monitoring (Daily)
  • FFIEC Exam Report Review (for TSPs)
  • •News Monitoring Risk Alert Screening and Recommendations (Weekly)
  • •Customer Complaint Monitoring (Quarterly)
  • •OFAC Monitoring (Quarterly)

TLCM gives you the TLC you need to ensure that critical vendors are managed properly and that due diligence and monitoring is always in place.


Customer Complaint Monitoring

In 2013, FFIEC, CFPB, FDIC, Fed and OCC all prescribed a new category of vendor with special vendor monitoring requirements. We refer to these vendors as Critical Customer-Facing Vendors, or CCF vendors. These are vendors to whom your bank has outsourced customer acquisition, management, servicing or maintenance activities and who interact directly with your customers.

New requirements and recommendations for Customer Complaint Monitoring are appearing in examination findings by regulators and being imposed on financial institutions. These requirements are time-consuming to implement and carry out.

VendorInsight® has stepped in to protect our customers with our newest monitoring service for CCF vendors that includes special news risk monitoring and special CCF screening criteria, customer complaint monitoring, and social media monitoring. We automatically generate metrics from the CFPB customer complaint database for our customer's vendors. By leveraging VendorInsight®'s robust automated platform for vendor monitoring, customers gain efficiency and compliance for this complex vendor monitoring requirement.

Our acclaimed Vendor Relationship Profiler has been updated to help you automatically identify vendors that meet the criteria for Critical Customer-Facing Vendors so your due diligence and monitoring activities will be consistent with the regulatory guidance.


Social Media Monitoring

In 2013, FFIEC, CFPB, FDIC, Fed and OCC all prescribed a new category of vendor with special vendor monitoring requirements. We refer to these vendors as Critical Customer-Facing Vendors, or CCF vendors. These are vendors to whom your bank has outsourced customer acquisition, management, servicing or maintenance activities and who interact directly with your customers.

New requirements and recommendations for Social Media Monitoring are appearing in examination findings by regulators and being imposed on financial institutions. These requirements are time-consuming to implement and carry out.

VendorInsight® has stepped in to protect our customers with our newest monitoring service for CCF vendors that includes special news risk monitoring and special CCF screening criteria, customer complaint monitoring, and social media monitoring. By leveraging VendorInsight®'s robust platform for vendor monitoring, customers gain efficiency and compliance for this complex vendor monitoring requirement.

Our acclaimed Vendor Relationship Profiler has been updated to help you automatically identify vendors that meet the criteria for Critical Customer-Facing Vendors so your due diligence and monitoring activities will be consistent with the regulatory guidance.