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.
Automate the collection of third-party due diligence documentation through Tandem (e.g., SOC reports, financial statements, proof of business continuity testing, etc.).
Create rules for required documentation based on relationship significance questions.
Then, send customizable questionnaires to your contacts have them securely submit their responses and documentation into Tandem. Monitor the status of your requests with built-in reports and email notifications.
Use more than 30 flexible reports to increase visibility into your vendor relationships and identify gaps in your vendor oversight program.
Based on the data stored in Tandem’s central database, these reports provide accurate and efficient details about your vendor contracts, documents, and reviews. Get equipped with the data you need to make informed decisions.
Gain full insight into your upcoming and past due oversight events through a calendar view, reports, and customizable email reminders.
Ensure responsible parties are aware of events such as contract expirations, termination notices, document expirations, and scheduled reviews.
Conduct, document, and report on a variety of vendor reviews, including a general vendor review, covering Quality of Service and Risk Management practices.
Reviews for contracts and documents are also available, including templates for SOC Report Reviews and Financial Statement Reviews.
Use Tandem suggested review templates or create your own for any specialized reviews you conduct.
Generate consistent and professional documents effortlessly.
Create your own or filter Tandem-recommended documents to export the right amount vendor data to share with senior management, board of directors, auditors and examiners.
These customizable documents are available in Microsoft Word and Adobe PDF formats.
Each vendor can be managed individually with the following management sections:
The CoNetrix Tandem Vendor Management software is feature-rich, including: