tandem Vendor Management

Financial Institutions (banks, savings associations, credit unions, trust companies) often rely on third parties for different software, products, or services. The use of third parties or service providers does not reduce the responsibility of the Board of Directors and senior management to ensure the third-party products and/or services are safe and sound and comply with applicable laws, regulations, and security best practices. This is accomplished through vendor management.

CoNetrix offers an online vendor management software solution to help you manage your service providers. The software was specifically designed to meet expectations set forth by the agencies (FDIC, OCC, NCUA, Federal Reserve, and CFPB), along with the FFIEC’s BCP Handbook: Appendix J.

The tandem Vendor Management module gives you an easy to follow process for managing and reporting on vendors’ services, risk assessments, reviews, contracts, dates, and more.

Each vendor can be managed individually with the following management sections:

  • Contact Information: Include contact information for the vendor and services.
  • Profile: Record important facts about your vendor with the company profile.
  • Services: Assign and maintain services the vendor provides. Optionally conduct a risk assessment on each service and fill out a questionnaire to determine the relationship significance and required documents.
  • Responsibility: Assign employees to vendors so they can manage the updates.
  • Reviews: Conduct and document regular reviews of the vendor, covering Quality of Service and Risk Management practices.
  • Contracts: Manage and review contracts, with the ability to securely store contracts for business continuity purposes. Get automated email reminders about important dates.
  • Documents: Manage and review supporting documents from vendors (e.g. SSAE16 reports, financial statements, proof of business continuity testing, etc.).
  • Requests: Send requests for documentation to your vendor contacts and receive responses through tandem.
  • References: Document and maintain references for a vendor during vendor selection.
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Features

The CoNetrix tandem Vendor Management software is feature-rich, including:

  • An online framework created and updated by security and compliance experts
  • Downloadable documents in Microsoft Word and/or Adobe PDF formats
  • A one-year subscription to updates
  • Free training workshops to help familiarize you with the software
  • Integration with other CoNetrix online software
  • Anywhere/anytime Internet access through a secure, online portal
  • Multi-factor authentication (optional)
  • Multi-user access
  • No software installation or equipment costs
  • The ability to manage several companies’ vendors with one login (requires a subscription for each company)