Vendor Risk Management
GBA is pleased to announce its endorsement of VendorPoint® by Fortrex Technologies, the market’s first automated, turnkey vendor risk management solution. This cost-effective online service enables banks of any size to identify, measure, monitor and manage third-party risk based on FFIEC guidelines and design criteria established by leading financial services institutions. It’s flexible design allows banks to do as little or as much of the due diligence process as they wish.
VendorPoint® eliminates the stress, expense and complexity financial institutions face when meeting regulatory requirements. It combines worry-free automation, ready accessibility, and ease-of-use to speed users through even the most rigorous regulatory environment.
Key VendorPoint Features:
- Access to vendor due diligence documents with over 4000 documents in its database
- Access to due diligence summary reports, completed assessments, and vendor ratings 1
- Comprehensive due diligence assessment templates
- A Vendor Risk Management policy template
- Automated policy enforcement
- Fully-automated, customizable workflows
- Contract renewal and expiration date tracking and notifications
- Scalable implementations to fit any institution
- Extensive reporting.
Key VendorPoint Benefits:
- Choose the level of effort that matches the banks budget and resources. Do it all or nothing.
- Reduces the cost and complexity of meeting FFIEC vendor risk management requirements by automating, monitoring, and reporting on the due diligence process
- Facilitates board-level understanding of the bank’s vendor risk profile through an executive level dashboard summary and management reports
- Eliminates inadvertent contract renewals and expirations by notifying selected users as important contract dates approach
- Allows institutions to customize workflows and due diligence requirements to meet their specific needs
- Identifies and tracks status of specific risk items, enabling institutions to manage and mitigate risk over time
- Minimizes cost and burden of program implementation through Software as a Service model.
Fortrex is the industry leader in third-party risk management and has helped organizations around the world manage operational risk and regulatory compliance issues. GBA encourages you to take a closer look at VendorPoint to discover how it can help guide your bank’s vendor risk management.