banking solutions
Manage 3rd Party Risks
Vendor relationships are key to effective financial institutions. Vendors touch every aspect of a bank’s operations. From IT outsourcing to office supplies, distinguishing safe from risky vendors is critical.
Regulations, like SOX and GLBA, as well as regulators, including FFIEC and the OCC, make vendor risk assessments and compliance mandatory, not just nice to have.
Vendormate consolidates the vendor requirements of purchasing, legal, operations, and IT into one seamless transparent portal.
From initial due diligence to ongoing monitoring, Vendormate’s unique approach creates a single source of truth—of the bank’s requirements and the vendor company’s credentials—to save you time and money.
For banks
- Access your data securely, 24/7
- Organize audit documentation in advance
- Monitor the financial health of your suppliers
- Be confident your vendors clear sanction lists
- Access vendor documents and contact information easily
- Verify credit ratings and business operations
For vendors and suppliers
- Give your buyers the information they need to choose you
- Know that customers see your most current documents
- Be aware of your customers’ changing policies
Two Approaches. One Result. Confidence
Bankvendor.com
Leverage the strength of the communityVendors and banks win by accepting community standards. Pre-defined requirements allow vendors to load documents once and be done. Subscribing banks access commonly requested information from relevant vendors as needed.
Standard Requirements
- SAS 70 Review documentation
- Security and Disaster Response Procedures
- Business Verification
- OFAC, GSA and additional sanction clearance
Why it's different
With nearly 8,000 community banks and more than 60,000 registered vendors, everyone benefits from this simplified process.
Banks subscribe to Bankvendor.com and alert their vendors that this is the preferred way to receive required documents. Bank staff can log in anytime to review a current or potential vendor’s documents.
Vendors log into bankvendor.com. A brief questionnaire defines their operations. Based on standard risk ratings, such as access to customer data, vendors are classified into risk categories that meet industry recommendations. An annual fee provides for credentialing and document verification and storage.
Visit Bankvendor.com to Learn MoreVendormate VISION
When you need more than the minimumVendormate VISION delivers the custom data collection and monitoring you require. From supplier on-boarding to audit response, Vendormate VISION simplifies gathering and monitoring your essential vendor information.
Every bank operates differently. Minimum standards may not be enough for your bank, your brand, and your customers. Vendormate VISION presents your unique requirements to your select vendor community.
Monitor Business Operations
Avoid business interruptions with early warnings
- P&L and balance sheet data
- Trade lines and credit terms
- Insurance limits
- Liens
- Derogatory UCCs
- Account contacts
Compliance Policies and Documents
Stay current with FFIEC, OCC, and other regulatory requirements
- Codes of conduct
- SAS 70 Review documentation
- Security and Disaster Response procedures for your operations
- Diversity statements
