Software alone is not enough
Would you rather have the vendor working for your bank, or your bank working for the vendor?
It requires full time staff devoting significant time and effort to derive any value from licensed or purchased vendor management software. Qualified personnel are need to gather and input the data for due diligence, complete checklists and answer complex assessment questions. If someone quickly checks boxes or assigns these duties to an untrained employee, then the result is a database of meaningless facts and figures. The reality is that vendor management training requires legal, financial, and information technology knowledge.
Software alone cannot answer:
- What’s in my vendor agreements?
- Is my vendor policy up to date with the latest compliance guidelines?
- Which vendors need to be monitored to maintain regulatory compliance?
- How do I gather the necessary information on vendors to write a formal review?
- How do I audit and extract material data out of the mountain of information I’ve gathered?
- How do I effectively monitor critical vendors in an ongoing basis?
Ncontracts has the answers
Far more than software, the team of vendor management compliance experts at Ncontracts work closely with you to provide the consulting and support service required to confidently answer these questions and help your bank maintain compliance.
Ncontracts enables your bank to respond quickly and confidently to regulatory inquiries and the audit demands of examiners. Our clients have been examined by each agency (OCC, FDIC, FRB and NCUA) of the Federal Financial Institutions Examination Council (FFIEC). Every client utilizing Ncontracts has successfully passed the third party management portion of their exam. Our third party risk management solution delivers information to make sure that compliance is attained. By simply allowing read-only access for the examiner, our web-based tools gives you peace of mind knowing that you are inspection ready at a moment’s notice.