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Tracking 4th Party Vendors | VendorInsight®

Posted by Rachel McKenzie on Apr 19, 2019 8:21:48 AM

The Importance of Fourth-Party Vendor Tracking

Third-party vendor breaches are on the rise, but what about fourth-party risk? A fourth party is a subcontractor to your vendor, someone your vendor relies on or subcontracts to. The effectiveness of your vendor and the risk to you increasingly depends on fourth parties as your vendors outsource and subcontract critical activities. 

They go by a lot of names, including providers and strategic partners, and can provide bill pay, mobile banking, core processing, legal or other services.

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Topics: fourth party, risk management, vendors, subcontractor

VendorInsight® Performs On-Site Vendor Visits | VendorInsight®

Posted by Rachel McKenzie on Apr 5, 2019 9:01:15 AM

Let VendorInsight® Perform Your On-Site Vendor Visits

Vendors are increasingly important for banks as they can perform consulting, process transactions, reduce costs and implement controls, all while directing your focus to core business functions and objectives. How many of your bank’s products depend on multiple vendors? How many of your vendors are managing your customers’ private data? For these reasons, regulators have been demanding that banks keep closer tabs on their relationships with third-party vendors.

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Topics: Collaboration, SaaS, VendorInsight, On-site Visit

The Hassle of Hiring a Vendor Manager | VendorInsight®

Posted by Rachel McKenzie on Mar 22, 2019 8:57:20 AM

Is Hiring a Vendor Manager Worth the Hassle? 

Whether managing risk in one department or throughout the enterprise, analyzing and selecting the best vendor at the right price, delivered in a timely fashion, is a critical part of the risk management process.

That’s where vendor managers come in. A vendor manager facilitates the relationship between their business and its vendors while meeting contractual obligations and compliance.

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Topics: vendor management outsourcing, SaaS, Vendor Manager, VendorInsight, Lower Costs

Delivering VRM Solutions | VendorInsight®

Posted by Rachel McKenzie on Mar 13, 2019 11:47:53 AM

Delivering Vendor Risk Management Solutions

In this current economic climate, risk management is more important than ever. Companies only beginning to develop risk management programs haven’t yet realized the potential benefits of a structured solution for managing vendors. This includes reducing costs and risks while creating a competitive advantage against organizations who aren’t managing their risk.

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Topics: vendor risk management, Cybersecurity, board members, risk assessment, Transparency, Automation, Collaboration, Return on Investment, Stability, Scalability, C-Suite

3 Ways to Create a Competitive Advantage with Vendor Management Automation

Posted by Rachel McKenzie on Aug 30, 2018 10:04:51 AM

Organizations often have very few employees working in vendor management, leading to heavy workloads. Manually tracking, monitoring, and reviewing vendors assumes vast amounts of time and resources. About half of financial organizations do not utilize an automated vendor management platform for tracking and assessing vendors. Adopting an automated vendor management system not only allows organizations to become proactive while easily staying on top of due diligence, but also delivers insight into the effectiveness of your compliance strategy.

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Topics: outsourced vendor management

VendorInsider Blog

Insight into Vendor Management Best Practices, Challenges, Solutions and Trends from Industry Insiders

As one of the longest running and most advanced vendor management software solutions, the helpful people of VendorInsight® have a unique perspective on third-party risk, compliance and management.  In the VendorInsider Blog, we share our insights on timely and relevant issues facing vendor managers.  You can subscribe using the button below, or contact us with questions.

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