Are you doing enough to monitor your vendors and minimize the inherent risk of outsourcing services to third parties? Keeping current with today’s regulations can be a daunting task — where to start, whom to leverage and how to know when you’ve done enough. Vendorly® offers scorecards and vendor data analysis to provide you with valuable insights into delivery performance, quality and vendor oversight.
We provide a general overview and assessment of your vendors, taking into consideration four key aspects that we work with you to define.
Rank your vendors, identify potential risks and build remediation plans for the areas that need improvement
Replace manual tracking with automated reporting of your vendors’ performance
See how your vendors are performing against service levels and other requirements you define
The Office of the Controller of the Currency states that an effective risk management process includes proper due diligence in selecting a third party and ongoing monitoring of the third party’s activities and performance. The Federal Deposit Insurance Corporation (FDIC) specifies that risk assessments should identify performance criteria, internal controls and reporting needs. Learn more here.