Vendor Management

Improve your third-party vendor due diligence process with ongoing management and risk assessment.

Take the pain out of your ongoing vendor assessment process

Regulators and examiners continue to pressure financial institutions to improve their management of third-party vendor relationships, and the risks associated with those relationships.

Verafin’s vendor management functionality helps you improve your ongoing vendor due diligence process and, in turn, your vendor risk assessment.



Verafin gives you the ability to set a due diligence review task on a vendor. Set the date, assign a task owner, and Verafin will email a reminder when the review is due.


Attach documentation, such as contracts and due diligence documents, directly to a vendor’s profile in Verafin, creating a one-stop location for all relevant information on that vendor.


Vendors are automatically scanned against enabled Watch Lists, including OFAC and FinCEN 314(a); a watch list alert history is available for all vendors.


A vendor management workflow gives you a quick overview of the status of your vendor reviews as well as their document and contract status. The dashboard also gives you quick access to your incomplete tasks.


Create a complete vendor file

At the click of a button, add documentation, contacts, detailed notes, and tasks — a vendor profile an examiner dreams of, in one place.

Improved risk assessment

With your vendor profiles, documentation, and review information in one place you can easily access an overview of the vendor and your relationship.

No more missed deadlines

Create a task with defined start/end dates and a description. Then set a recipient to receive an email reminder on the start date.

More Verafin Features

Integrated case management. Integrated case management functionality lets you create a fully audited and tracked investigation. Upload related files, assign tasks to other users, and document your decisions – all in one location. Learn more >
Watch list scanning. Verafin automatically scans your customers nightly against installed watch lists, including OFAC, 314(a), and internally-created lists. You, or your front line staff, can also manually search watch lists for entities at any time. Learn more >
CDD/EDD. From a customizable due diligence questionnaire to ongoing monitoring, Verafin helps you know your customer throughout the customer relationship life cycle, enhancing your risk assessment process and alerting you to unusual behavior. Learn more >
Enterprise reporting. With hundreds of ad-hoc data reports, and the ability to create custom reports that include the information fields you need, Verafin helps improve auditing, reporting and record-keeping of all aspects of your fraud and AML detection efforts. Learn more >

Related Resources

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