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VRM Pro™ - Vendor Management Services

Outsourcing with VRM Pro™ enables you to focus on enterprise risk, rather than getting caught up in the time-consuming exercise of gathering documentation from vendors, analyzing it, and documenting your actions for auditors and examiners.

VRM Pro™ is the answer to your biggest challenge in vendor risk management. Never again will you have to worry about hiring vendor management staff or having the right expertise to assess risks. When you rely on VRM Pro™, you will always comply with your vendor management policy and will achieve 100% compliance with all the regulatory requirements.

Outsource Your Vendor Life Cycle Management with 100% Compliance

ONBOARDING


New Vendor Onboarding

Contract Review

Contract Audit for Compliance

Contract Monitoring and Alerting

Maintenance of Vendor Information Profiles

RISK ASSESSMENT & DUE DILIGENCE


Inherent Risk Rating and Criticality

Determine Due Diligence Profile

Gather Due Diligence Documentation

Review Due Diligence Documentation

Prepare Due Diligence Reports

Financial Reviews

SSAE18/SOC2 Reviews

BCP/DR and Appendix J Reviews

Information Security Reviews

Insurance Reviews

OFAC Checks

Fourth Parties and Subcontractors

Enter Documentation into VMS System

Link Reports to Audit/Policy Requirements

Vendor Risk Assessments

MONITORING


News Monitoring and Risk Alerting

Vendor Performance Reviews

Vendor SLA Tracking and Monitoring

Remediation Tracking

Audit and Exam Support & Reporting

TERMINATION


Vendor Termination and

Records Retention/Archive

If you are like most banks or credit unions, it is cheaper and much easier to outsource your vendor management program to the trusted expertise of an outsourced provider like VendorINSIGHT®.

We perform your vendor reviews and maintain your records so your institution is always ready for a regulatory exam or audit. Our subject matter experts and vendor management officers keep everything organized for you and provide management and board reports on a regular basis.

In addition, you get access to the industry’s leading software solution for VendorINSIGHT®, so you can monitor our performance, audit our documentation and generate reports on demand.

We classify your vendors, rate their criticality, perform due diligence and keep all your documentation up to date. You simply review the results of our analysis and determine whether to accept the risk of the vendor relationship or to mitigate risk through additional controls.