Recent cybersecurity incidents affecting financial institutions have largely involved third-party service providers, prompting increased attention by regulators, and increased scrutiny on oversight of third party relationships. To maintain compliance with today’s stringent regulatory environment, community banks and credit unions must ensure their vendor management processes monitor and document every aspect of their vendor relationships, including vendor concerns such as financial viability and information security practices of their vendors.
To address this concern, we at Safe Systems are now offering our new vendor management solution to the marketplace. This web-based software automates the process of contract management, product risk assessment, and controls review to help banks and credit unions effectively manage third-party service providers and maintain regulatory compliance. This proven solution has been in use by a select group of approximately 20 client institutions during the past year.
“By the time I had used Safe Systems’ Vendor Management application for several weeks, I was convinced that this product met State Bank of Cochran’s needs for an automated vendor management solution. Their Vendor Management application met all of the regulatory specifications of a sound vendor management program: risk assessment, due diligence in selecting a third party, contract structure and review, documentation and reporting, as well as independent reviews, and ongoing oversight,” said Leesa Anderson, CTO of State Bank of Cochran.
As a Software as a Service (SaaS) solution, our vendor management software centralizes vendor profiles and data into a client dashboard to provide real-time alerts, reporting, and recommended controls. This customizable solution enables banks to automate vendor management activities, assess risk, and easily upload and track contracts from multiple vendors. Our vendor management solution also stores information in a SOC1 and SOC2 audited datacenter and integrates vendor information into our client management portal, “the Safe.” In addition, we provide ongoing training and consulting services with each license.
Vendor management is often the most under-manned function within a bank’s IT department. Many community financial institutions keep track of their vendor management activities manually using spreadsheets, but with our web-based software solution, banks and credit unions can easily monitor and manage multiple third-party service providers; understand the level of risk each vendor poses to your institution; and ensure compliance with regulatory guidelines.