Regulators and examiners continue to pressure financial institutions to improve their management of third-party vendor relationships, and in particular, the risks associated with those relationships.
Verafin includes Vendor Management functionality that lets you better control and maintain the relationships with your vendors. Automating your vendor management processes and centralizing the data and tasks in Verafin helps you develop an improved understanding of your vendors and the risk the relationships may pose to your institution.
Some of the features of Verafin’s Vendor Management functionality include:
- Easily add new vendors or upload pre-existing vendor lists and create complete vendor profiles.
- Vendors are scanned against enabled watch lists, including OFAC and FinCEN 314(a).
- Attach documentation, such as contracts and due diligence documents directly to the vendor’s profile.
- Set individual vendor risk scores and easily access a Vendor Risk Profile for your institution.