There are many options to choose from when considering an enterprise-level compliance monitoring tool. Which features are the most critical? Cloud-based? real-time? security? automatic alerts? customizable checklists… ringing a bell? After talking with hundreds of businesses with compliance dilemmas, each with a unique set of compliance challenges, we’ve learned one truth above all others:
Compliance is a collaboration – a partnership between you and your vendors.
Collaboration saves time!
One of the largest consumers of your compliance team’s time is vendor engagement: convincing your critical and high-risk vendors to comply with your due diligence and ongoing requirements. It can be a tall order, but consider your vendor’s point of view. A vendor must manage a unique set of compliance requirements for every client they serve. When we designed the Trust Exchange platform, we thought long and hard about the pitfalls of the vendor / client relationship. From the start, we knew weneeded to create a technology platform friendly to both client and vendor.
Here is how we save time on BOTH sides of the table:
We recently implemented a Credit Union that had an 80% redundancy with vendors active in the Trust Exchange platform. What does this mean in tangible terms?
1. Trust Exchange saves you a lot of time. The implementation of the vendor monitoring platform was reduced from weeks, to a matter of hours. That’s right, we said hours. With 80% of the credit union’s critical and high-risk vendors already reporting, as required, in the Trust Exchange system, implementation was reduced to simply asking for and obtaining permission from the vendor to securely share their profile.
2. Trust Exchange saves your vendor a lot of time. Trust Exchange vendors are happy because they only need to report one-time for all their clients. This allows the vendor to work off their own calendar as requirements become due, rather than having to field each client request one-at-a-time throughout the year. With Trust Exchange, when your team requires the vendor’s compliance information, it’s waiting for you secured in the cloud. How much time did you just save your vendor?
3. Trust Exchange makes your vendors happy. Now you’ve put more time on your vendor’s clock, more time to do the work you hired them for rather than fielding your compliance demands. In turn, you’ve also made your compliance team’s job much easier because all the time that you burned in chasing down your vendors for information is now wide-open. Trust Exchange has removed the single-biggest pain-point in your compliance system, by making your vendors’ lives easier.
What should you do with all the time you saved? That’s up to you. We have a suggestion, work on the relationship with your important vendors, strengthen the partnership.
You have questions. You may have doubts. Compliance doesn’t have to be difficult. We’ve done our homework – 10 years’ worth of homework. The platform we built works better than we imagined it ever would. Trust Exchange is the first vendor compliance service that got it right. Ask your questions. Ask for a reference from a current client. Ask for a demonstration.