Vendor Management
Our easy-to-use interface walks you through each step of the vendor management process to ensure regulatory compliance.
Manage Vendors
Manage vendors, products, and renewals with dashboards, reporting, and notifications
Assess Risk
Identify risks of each vendor and product, receiving annual reminders to review
Review Controls
Generate control suggestions based on risk assessments, receiving annual reminders to review
Ideal for Community Banks and Credit Unions Who:
- Are still using a spreadsheet to manage their vendors
- Use Accounts Payable as a vendor management tool
- Struggle with evaluating vendor risk
- Are not sure what vendor due diligence to perform
- Fear they will miss a contract renewal date, or have an unwanted contract auto-renew
- Need help in identifying critical vendors and planning how to recover if they go down
- Feel they have a reactive approach to vendor management
- Don’t have a good process for evaluating new vendors
- Require reports that satisfy examiners and help educate management
- Are unclear which vendors have access to data and how it impacts the banks’ ability to function on a daily basis
- Desire a better way to collect and manage critical vendor documents (SOC 2 reports, BCP plans and test results)
Why Automation is the Answer for Community Banks' Vendor Management Challenge
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Frequently Asked Questions
FAQ About Vendor Management
What is a vendor management program?
A vendor management program, as required by the FFIEC, enables community banks to identify, evaluate and mitigate risks posed by their vendors.
Why do you need a vendor management program?
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.
Who needs to manage a vendor management program?
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.
Where can I get help with my 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.
What does a vendor management program cost?
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.
What if I need additional vendor management consulting?
We offer hourly compliance consulting. Our compliance experts are ready to provide vendor management services and guidance, such as SOC reviews and vendor risk assessments.
How Valid is Your Vendor Management Program?
Hear what this banker thinks of the app
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.
Ready to get started with Vendor Management?