Is your business continuity solution ready to help in a disaster?
Increasingly companies rely on third party providers for products and services. A financial institution is no different. It is not uncommon for a financial institution to have several hundred vendors and several hundred contracts among them. Often times they have multiple contracts with a single vendor. These contracts expire at various times during the year. Just because you rely on third party providers for products and services, it does not absolve the executive team and Board of Directors in ensuring the third party products and services are safe, secure, and comply with all applicable regulations.
Assessing vendor risk and mitigating these risks through effective controls, testing, and managing these controls all are integral to a sound enterprise wide vendor management program.
The Vendor Management Module (VMM) offers you the ability to manage vendors through the entire life cycle beginning with vendor evaluation and selection through contract expiration and retirement. The module includes a comprehensive Vendor Due Diligence, Vendor Monitoring, Vendor Risk Assessment, and Contract Management functionality including reports and dashboards.
WolfPAC offers a vendor management solution that helps you manage all your vendors in an easy-to-use, intuitive, work-flow oriented online solution. Using WolfPAC you may link your vendor management program directly with your enterprise risk management program and processes for an integrated holistic view of third party providers. The vendor management solution includes: