- Easy access to third-party policies for better planning and optimization
- Vendor prescreening and contracts
- Advanced cyber monitoring and review management
What is the cost of reliable and efficient vendor management? The cost of not having it is more than you can imagine.
Vendor risk can expose your organization to potential legal action, cyber attacks, regulatory fines, and costly downtime. Yet most financial institutions and financial services companies manage vendor risk with spreadsheets. Reducing this process to a set of documents can make you think you’ve got it under control, but there is no area of risk management where this false sense of security is more dangerous.
Ncontracts offers customizable vendor management solutions and services to help you mitigate third-party risk for your organization, for true peace of mind where vendors are concerned. Our team of experts includes lawyers, as well as former financial institution risk officers and compliance officers, to help you navigate the complete lifecycle of your vendor relationships.
Review third-party policies and procedures to optimize your practices to your risk appetite and/or other existing risk mitigation practices.
Evaluate data from the prospective vendor, proprietary databases, and public records to assess the risks of onboarding the new vendor.
Review agreements to identify compliance risks, gaps in regulator-recommended controls, and financial terms. Monitor costs and controls for existing relationships, upcoming agreements, and renewals.
Detect vulnerabilities before they become issues by continuously monitoring third-party vendor cybersecurity controls in real time. Receive actionable alerts and record incidents and resolutions.
Ongoing risk identification by the appropriate risk dimensions to prevent exposure due to constantly changing vendor circumstances.
Establish appropriate transition and exit strategies to preserve your interests and ensure a smooth process if/when vendor relationships need to be terminated.
Information Security Risk
Business Continuity Risk
Our vendor management services provide ongoing risk identification to make sure you have access to the right information at the right time, so you can avoid exposure to unknown risks, reduce third-party expenses, and stay focused on your core business.