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.
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.
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.
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.
Quantivate Vendor Management has been developed with law firm Farleigh Wada Witt to provide clients with highly effective processes and tools that satisfy all regulatory requirements. In fact, Farleigh Wada Witt guarantees that the management tools in Quantivate Vendor Management Software will always comply with current regulatory requirements and guidance issued by the following federal agencies and organizations:
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:
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.