Vendor Management
Our easy-to-use interface walks you through each step of the vendor management process to ensure regulatory compliance.
Take the Guesswork Out of It
Proactively assess vendors to understand needed documents
Have Documents Evaluated
Our Compliance experts can review key vendor documents upon request
Never Miss
a Renewal
Manage expiring or renewing contracts with auto-notifications
Get Ahead of Exams
Schedule vendor reviews to alleviate exam crunch
Save Time with Auto-fill
Make changes in one place with our integrated compliance applications
Run Reports Easily
Quickly access a variety of regulatory reports
Ideal for Community Banks and Credit Unions Who:
- Are using a spreadsheet or an accounts payable system to manage vendors
- Need a better way to manage vendors, documents, and contract renewals
- Need a dynamic process to conduct vendor due diligence
- Need different reports for different audiences
- Are unable to centralize or share vendor management information
- Do not have time to review control documents of critical vendors adequately
- Want to augment internal resources when reviewing key vendor documents
- Have new personnel responsible for their Vendor Management program
Document Vendors
Perform risk assessments to identify needed controls
Perform control reviews
Augments the Control Review process
Reviews contracts
Reviews financials
Reviews audit reports (like SOC 2)
Identifies key components ensuring appropriate controls
We were surprised with how seamlessly the implementation went, as well as how intuitive the interface is. Additionally, Safe Systems was able to answer our questions.
Shan Venable
SVP and Chief Technology Officer at Altamaha Bank and Trust
Frequently Asked Questions
Vendor Management FAQ
A vendor management program, as required by the FFIEC, enables community banks and credit unions to identify, evaluate and mitigate risks posed by their vendors.
Vendor Management is necessary for a community bank or credit union because the average number and variety of vendors used has increased in recent years.
Typically, community banks and credit unions have an Information Security Officer or a Compliance Officer who act as the lead for their vendor management program.
Community banks and credit unions can get help with their vendor management program through peer groups or industry experts, such as Safe Systems, who support hundreds of financial institutions in this area.
Your cost is determined by a number of factors based on your needs and expectations of a Vendor Management Program. Please click get started to discuss specifics about Safe Systems Vendor Management program and cost.
We offer Vendor Management Document Review if you want assistance or to offload reviewing vendor documents like Contracts, Financials, or Audit Reports like SOC 2’s. Additionally, Safe Systems offers a virtual ISO service with compliance experts who are not only able to provide vendor management guidance and services but also help implement and maintain your information security policies, cybersecurity risk assessments, and business continuity planning and testing.
Ready to get started with Vendor Management?
As regulators have placed higher importance on how community banks and credit unions manage their vendors, it is increasingly more difficult to get what you need from a spreadsheet. Our web-based vendor management application ensures compliance, helps you better measure and manage risks, automates vendor contract renewal reminders, and allows you to easily generate reports for senior leaders and examiners.