VendorRisk: Your organization can quickly improve oversight and minimize the risk of each and every third-party relationship.
Regulators require banks to have a formal system for assessing and managing risks associated with third-party relationships. Inadequate vendor oversight can not only damage your reputation, it can affect your customers and put your business at risk.
Continuity's powerful VendorRisk technology reduces risk exposure from third-party vendors. The entire lifecycle of vendor management is tracked in our central repository, providing you a single view, to keep your vendor data organized, accessible and sharable. This streamlined approach saves you time, money and resources by creating operational efficiencies and accuracy with a standard, proven workflow. This focuses your attention on what’s important and allows you to share data in real-time with your team.
How It Works
VendorRisk manages all your vendors at each stage — from vendor selection, contract/service/IT asset management to due diligence and performance reviews. Our user-friendly dashboard provides a useful summary and detailed view of your overall vendor data. Our cloud-based technology is user friendly and secure. Deployment is fast and easy for seamless implementation.
- Monitors quality of service, support, communication, client satisfaction and expectations.
- Receive alerts for upcoming review dates, insurance and expirations to keep data up to date.
- Conduct unlimited performance reviews to address potential problems proactively.
- Flexible and customizable, you pay only for the features you need.
- Real-time search capability to ensure your vendors are not on a watchlist.
- Create reports and custom views of your vendor data with charts and KPI Boards.
- Automate recurring actions to manage communication and document collection.
- Leverage third party governance CFPB, OCC, SEC, NCUA, OCR, OSHA, FDIC, FFIEC, etc.
- Helps you hold every vendor relationship accountable to changing regulations to minimize risk.
- Avoid the reputational consequences of poor vendor management oversight.
- Saves you time, money and resources by streamlining the vendor management risk process.
- Helps address problems early on in the vendor relationship.
- Our Risk Review Module identifies your high-risk vendors to focus your time and energy.
- Conducts due diligence initially, then throughout the entire vendor relationship.
- Increase efficiency and accuracy with a standard, proven workflow.
- Managed Services includes oversight by our pros to ensure regulatory requirements are met.