Vendor Management Software
Financial Institutions (banks, savings associations, credit unions, trust companies)
often rely on third parties for different software, products, or services. The use
of third parties or service providers does not reduce the responsibility of the
Board of Directors and senior management to ensure the third-party products and/or
services are safe and sound and comply with applicable laws, regulations, and security
best practices. This is accomplished through Vendor Management.
tandem Vendor Management
CoNetrix offers an online solution to help you manage your service providers. The
online Vendor Management software includes:
- An easy to follow process
- Ability to assign one vendor to multiple services
- Vendor service risk assessment
- Vendor service reviews, including quality of service and risk management
- Contract management module including contract reviews
- Ability to upload contracts and viability documents to a secure site for remote
backup
- Document references
Vendor Oversight
The Vendor Oversight module allows financial institutions to easily manage their
vendors and service providers. Each vendor can be edited individually with the following
management sections:
- Overview – a general, high level overview of the vendor
- Contact Information – contact information for the vendor and services the vendor
may offer
- Profile – company profile
- Services – assign and maintain what services the vendor offers or provides, with
the ability to conduct a risk assessment on each service and fill out a questionnaire
to determine if the relationship is "significant"
- Reviews – conduct and document regular reviews of the vendor, including Quality
of Service and Risk Management
- Contracts – manage and review contracts, with the ability to securely store contracts
for business continuity purposes
- Documents – manage supporting documents for a particular vendor (e.g. SAS 70 reports,
financials, etc.)
- References – document and maintain references for a vendor (usually recorded during
the due diligence or vendor selection phase)
Features
The CoNetrix Vendor Management software is feature-rich, including:
- An online framework created and updated by security and compliance experts
- Downloadable documents in Microsoft Word and/or Adobe PDF formats
- A one-year subscription to updates
- Free training workshops to help familiarize you with the software
- Integration with other CoNetrix online software
- Anywhere/anytime Internet access through a secure online portal
- Multi-user access
- No software installation or equipment costs
- The ability to manage several companies’ vendors with one login (requires a subscription
for each company)