Bank Vendor Management Software

Manage the full vendor lifecycle and get a complete view of your bank's third-party relationships.

Vendor Management (VM) Software for Banks

From due diligence, risk assessment, planning, and contract review to ongoing monitoring and oversight, Quantivate Bank Vendor Management Software allows your organization to develop a comprehensive vendor management process and obtain a complete view of your vendor relationships and risk.

In today’s complex business environment, vendors play a key role in the success of your institution. 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, and investors. A comprehensive vendor management software solution will allow you to protect and manage your resources and maintain successful, long-term vendor relationships.

Quantivate Bank Vendor Management helps you:

ENHANCE VISIBILITY

Improve your oversight of vendor relationships and their health to cultivate reliable, long-term partnerships

IMPROVE COMMUNICATION

Boost collaboration both internally and externally with user accounts and vendor self-service access

INCREASE ACCESS

Easily store and retrieve vendor information through a centralized database for contracts and due diligence documentation

REDUCE RISK

Use built-in tools for contract reviews, risk assessment, and vendor criticality and risk scoring

MAKE SMARTER DECISIONS

Leverage robust reporting tools for both auditing purposes and executive decision-making, verifying that your third-party risk management practices meet regulatory requirements and internal policies

BOOST EFFICIENCY

Standardize your bank's vendor management processes with built-in best practices and integration with other GRC activities

Centralized Vendor and Data Management

With Quantivate Vendor and Third-Party Management Software for Banks, 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 and Third-Party Risk

Quantivate Vendor Risk 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.

Comprehensive Reporting

Quantivate Vendor Management Software’s robust reporting capabilities give clear visibility into high-risk vendor relationships, the status of vendor assessments, and your bank's overall risk exposure. Complete, audit-ready, predefined report templates are available for no-hassle reporting, including SOC reports. In addition, reports can be customized to fit your specific business needs.

Guaranteed Bank Vendor Management Compliance

Quantivate VM 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 VM will always comply with current NCUA/FDIC/OCC requirements.

Our Software Helps You Comply With:

  • FFIEC HANDBOOK, 2003-2004 (CHAPTER 10)
  • BASEL II
  • Interagency Paper on Sound Practices to Strengthen the Resilience of the US Financial System, 2003
  • EFA
  • Gramm-Leach Bailey Act
  • OCC BULLETIN 2013-29. – Third-Party Relationships
  • FDIC

 Key Features

  • Vendor Classification – Understand your inherent risk with criticality and risk scoring.
  • Vendor Analysis – Use built-in tools and guided processes for evaluating new vendors, conducting contract reviews, monitoring risk and performance, and tracking incidents.
  • Vendor Self-Service Portals – Set up temporary user accounts to create powerful self-service portals for vendors or other contributors.
  • Built-in Content – Access templates for vendor analysis, vendor termination, due diligence questionnaires, vendor incident polling, and contract reviews.
  • Notifications – Receive automated "action needed" alerts and notify specific employees of due dates.
  • Customizable Report Templates – Use pre-built, audit-ready reports or customize them to fit your needs.
  • Audit History Log – Track document changes by employee and vendor.
  • SaaS Platform –  Easily deploy our web-based application, which features automatic updates and maintenance.
  • Dashboard Layout – View reports and statuses at a glance for quick decision-making.
  • Dynamic Workflow Engine – Configure workflows, pages, and questionnaires to gather information from external third parties.
  • Digital File Library – Easily store and access digital files, vendor information, contracts, due diligence documentation, and more in one centralized location.
  • User Group Security – Set employee security levels and assign vendors to specific employees.
  • Auto Back-Up – Keep your work safe and secure.
  • Single Sign-On – Provides end-users with convenience and uncompromising security through true SSO capabilities.
  • Optional Deployment and Consulting Services – Save time and effort with optional vendor due diligence and contract review services.

Optional Consulting and Implementation

Your time is valuable and chasing down vendor information is time-consuming, expensive, and often never gets done. Quantivate provides vendor management services to make your vendor management implementation easier, faster, and more cost-effective. Your organization must determine who your critical vendors are, gather information and evidence on your critical supplier’s internal controls, assess the data and rate the risk of continuing to perform work with them.

Working with your staff on an ongoing basis, our experts ensure your vendor due diligence program meets regulatory requirements. Vendor and Third Party Management Services include:

  • Importing key vendor and third party data.
  • Ensure you have a clear and concise policy in place to govern your vendor management initiative.
  • Establish clear guidelines for determining vendor and third party criticality.
  • Configure automated workflow questionnaires that align with your policy and vendor management program.
  • Follow up with third parties to ensure appropriate due diligence documentation is obtained.
  • Assess the vendor’s internal control structure and evidence by using certified experts where possible (for example CISSP for information security).
  • Recommend likelihood ratings to enable quick risk assessments for third party relationship risk.
  • Configure workflow surveys for your internal vendor owners to determine the overall risk rating per vendor and mitigation.
  • Setup annual review cycles for critical vendors.

Bank GRC Solutions

Recently the global financial industry has seen an unprecedented increase in regulatory requirements, forcing institutions to have a greater focus on the way risk is managed. Increasingly, regulators, bank customers, and other key stakeholders are demanding more transparency and greater ROI from systems, software, and tools.

However, many organizations create fragmented systems for risk management and compliance, resulting in inefficiency, redundancies, and additional risk.

In contrast, Quantivate's integrated GRC solutions for banks offer a number of benefits for more effective vendor management.

Benefits

  • Manage vendors throughout the entire vendor lifecycle.
  • Enforce vendor risk management policies and controls to ensure regulatory compliance.
  • Save time, effort, and costs by reducing resources and expenses required to perform vendor oversight.
  • Deliver complete information to senior management for strategic decision-making.
  • 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 increase efficiency.
  • Centralize reporting for improved decision-making and resource management.