Vendor risk management

How well are you managing your third-party relationships?

Regulators and examiners continue to put pressure on financial institutions to improve their management of third-party vendor relationships and, in particular, the risks associated with these relationships.

Verafin's vendor management component  lets you centralize your vendor management process.

Verafin makes managing vendors easy:

• Add individual vendors and import a large list of current vendors
• Upload and manage vendor documentation such as contracts and due diligence documents
• Risk rate your vendors
• Automatically scan vendors against all enabled watch lists
• Assign vendor ownership to specific Verafin users
• Set tasks be alerted by e-mail when it is time to review vendors, documents and contracts
• Create vendor tasks and assign them to specific Verafin users
• Use vendor notes to efficiently document ongoing vendor activity, helping improve internal communication and audits
• A clear, visual and easy-to-use workflow that provides all Verafin users with a full snapshot of the status of your institution’s vendor relationships