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