VENDOR DUE DILIGENCE

Whether it’s a data breach or a halt in day-to-day operations, your vendors could put your company at risk and harm your reputation. Vetting your vendors is a critical step in protecting your business and requires ongoing attention as you consider new vendors or renegotiate contracts. Our risk-tiering methodology helps you assign each vendor a risk score so that you can identify the level of due diligence needed to mitigate each vendor’s inherent risk.

How we help
DriveEfficiency
Understand each vendor’s risk

Leverage our framework to assign the proper risk level, allowing you to manage your vendors appropriately

DriveEfficiency
Drive efficiency

Expedite your due diligence review by tapping into our experience in managing 20,000+ vendors

Track your progress

Access documentation for each vendor and run reports to see which vendors aren’t meeting your compliance requirements

opening We have over 1,000 vendors and our management of them was a good try, but it was not efficient; Vendorly has taken that off our plate. closing

Jeff Ratanapool, Century Mortgage Company  

What we offer

Periodic audits on vendor controls

Business status validation

Insurance confirmation

Office of Foreign Assets Control (OFAC) check

Criminal records and bankruptcy search

Tax ID validation (W-9 review)

Consumer Financial Protection Bureau (CFPB) and Better Business Bureau (BBB) complaints check

Bank account verification

Regulatory Guidance

The CFPB recommends that financial institutions take steps to ensure that business arrangements with service providers do not present unwarranted risks to the consumer, which includes conducting thorough due diligence. The Office of the Comptroller of the Currency states that an effective risk management process includes proper due diligence in selecting a third party. Learn more here.

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