Vendor Management Software
Quantivate Vendor Management software allows your organization to develop a comprehensive vendor management process and obtain a complete view of your vendor relationships and vendor risk. The solution enables efficient vendor due diligence, vendor risk assessments, planning, vendor contract review, ongoing monitoring, and oversight.
In today’s complex business environment, vendors play a key role in the success of your organization. However, relying on vendors brings added risk. Managing these vital relationships and risks is important to ensure third-party products and services comply with applicable laws, regulations, and security best practices.
Relying on spreadsheets and word processing tools for the management of critical vendors no longer meets the growing requirements from auditors, government agencies, customers, or investors. A comprehensive vendor management software solution will allow you to protect and manage your resources and maintain successful long-term vendor relationships.
Centralized Vendor and Data Management
With Quantivate Vendor Management software, you can manage all your vendor information, such as contact information, financials, contracts, and insurance certificates, in one easy to manage web-based application. The system also provides comprehensive on-time notifications of critical expiration and due dates.
Manage Vendor Risk
Quantivate Vendor Management is a powerful solution that gives you the ability to quickly perform due diligence and score your vendors on multiple variables to auto-calculate and determine the overall risk breakdown of each vendor.
Easy to Use Dashboard Interface
Quantivate Vendor Management’s customizable dashboard interface gives you at-a-glance information and easy accessibility to important vendor information. Through this dashboard interface, you can access reports, your vendor document library, and other essential vendor information. Plus, the system’s unique Vendor Management Program Snapshot gives at-a-glance information, in easy to read charts for where each vendor sits in the Vendor Management Process, the classification breakdown of vendors, and the risk breakdown of vendors.
Quantivate Vendor Management software’s robust reporting capabilities give clear visibility into high-risk vendor relationships, the status of vendor assessments, and your organization’s overall risk exposure. Complete audit-ready predefined report templates are available for quick no-hassle reporting, including SSAE-16 reports. In addition, reports can be customized to fit your specific business needs. Reports include:
- All Vendor Report: Displays key information about all vendors stored in the system.
- All Contract Report: Displays key information about all contracts stored in the system.
- Vendor Classification Report: Displays classification ratings for all vendors stored in the system.
- Vendor Due Diligence Report: Displays all attributes associated with the Due Diligence process.
- Critical Vendor Detail Report: Displays all vendors classified as Level 1 – Critical.
- Exceptions Report: Highlights Vendors and Contracts that are missing key information and reviews such as classifications, due diligence, and contract expiration dates.
- Documents Requested and not Received: A list of documents requested from vendors but not yet received. Includes links to drill down to the due diligence assessment for further review.
- Vendor Management Executive Summary
Key Vendor Risk Management Features
- Vendor Classification – understand your inherent risk
- Digital File Library – For easy storage and access to digital files, contracts, etc.
- Notifications – Notify specific employees of due dates
- Customizable Report Templates – Use prebuilt reports or customize them to fit your needs
- Dashboard Layout – “At-a-Glance” status viewing and quick decision-making
- Web Based – Easy deployment and automatic updates and maintenance
- User group security – set employee security levels and assign vendors to specific employees
- Auto Back-up – Keeps your work safe and secure
- Audit History Log – Track document changes by employee and vendor
- Optional Deployment Services – Save time and effort with optional services
- Guaranteed Compliance – Guaranteed compliance by Farleigh Wada Witt
Benefits of Quantivate Vendor Management Software
- Gain a detailed picture of your risk exposure from vendor relationships
- Organize your vendors for easy review and access
- Create a consistent standardized vendor management process to increases efficiencies
- Centralize Reporting for greater decision making and resource management
- Enforce vendor risk management policies and controls and in order to ensure regulatory compliance
- Save Time, Effort and Cost by significantly reducing resources and expenses required to perform risk analyses and maintain vendor oversight
- Deliver complete information to senior management for strategic decision making
Quantivate enables organizations to effectively, and efficiently comply with the various regulations covering financial institutions including:
- Basel II – Basel Committee on Banking Supervision, Sound Practices for Management and Supervision
- Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System
- EFA Act
- Gramm-Leach-Bliley Act of 1999, section 501 (b) PL 106-102 1999 S 900
- OCC Bulletin 2013-29. Third Party Relationships
- NCUA Letter to Credit Unions 06-CU-12, Disaster Preparedness and Response Examination Procedure
- NCUA Letter to Credit Unions 01-CU-21, Disaster Recovery and Business Resumption Contingency Plans
- NCUA Letter to Credit Unions 07-CU-13: Evaluating Third Party Relationships
Quantivate’s products and services have been audited, reviewed, and passed examinations from many state and federal examiners – including:
- State Examiners
- State Insurance Commissioners
Quantivate Vendor Management software tools have been developed with the law firm Farleigh Wada Witt to provide clients with highly effective vendor management processes and tools that satisfy all regulatory requirements. In fact, Farleigh Wada Witt guarantees that the management tools in Quantivate Vendor Management will always comply with current NCUA/FDIC/OCC/CFPB requirements.
The Quantivate GRC Suite – Data from Across the Enterprise
Quantivate Vendor Management software allows your institution to implement industry best practices for efficient audits, and ensure tight integration of the internal audit process with other Quantivate Suite modules; including Internal Audit , Business Continuity, Enterprise Risk Management, IT GRC, and Regulatory Compliance Manager. No time consuming or costly integration programming is required to gain access to all the risk, compliance, and business continuity data required for your audit processes.
Vendor Management Services
Your time is valuable and chasing down vendor information is time consuming, expensive, and often never gets done. As Quantivate’s partner The Paragon Group provides outsourced due diligence services to make your vendor management implementation easier, faster, and more cost effective. The chances are your institution shares critical vendors with other institutions. This means that every institution is bearing the full brunt of the cost to meet regulatory requirements for vendor due diligence. We ask – “Why not split the cost across many financial institutions?” Working with your staff on an ongoing basis, Paragon’s experts ensure your vendor due diligence program meets regulatory requirements in the following critical areas:
- Developing a Due Diligence Plan
- Establishing Consistent Criticality Rankings for Key Vendors/Contracts
- Annually Gathering all Due Diligence Documentation from Vendors, such as: financials, SSAE-16s, insurance certificates, credit reports, validation of incorporation, legal actions, information security documentation, human resources, business continuity, etc.
- Documenting the review of due diligence documentation
- Conducting Risk Assessment interviews with vendor owners
- Facilitating Annual Updates and Audit/Examiner Review
For more more information and educational resources visit: http://www.nafcu.org/quantivate/