Automation in your 3rd-party Compliance Program is Something You Need, Automation is the Easy Part. Talk to us.
You are NOT in the business of compliance. You ARE in the business of relationships. Trust Exchange gives you the time to return to that mission again. In high-regulation industries, managing the compliance of your vendors and partners is ever increasing task. Because of this acceleration, instead of the coach or teacher that you should be, you’ve become the truancy officer. Here’s why the job grew so difficult.
1. You do business in states and countries that all have different rules and reporting requirements.
2. Your vendors, for whatever reason, have difficulty reporting to you, as required, in the window that your team requires it.
3. The inflow of data and documents is so large that the individual pieces of information often have difficulty being recognized in a timely manner or are collected on multiple occasions, leading to strained relationships between you and your vendors.
4. Compliance information is often “siloed” within a large organization, either departmentally or geographically, and never available publicly. This leads the organization to collect the same or similar data on multiple occasions because it’s being applied to a different purpose.
The real problem is exponential growth in requirements:
1. Vendor management became vendor monitoring, meaning that your due-diligence is now an ongoing process.
2. The list of organizations that the regulators mandate that you monitor has also grown. For example: The average small community bank or credit union now is required to monitor (in a risk-appropriate manner) all their 70-100 vendors, from their core processor to their landscaper.
3. Compliance is an exponential problem that most organizations still attempt to surmount with a linear solution. It can’t be done. You can’t hire your way out from under the compliance workload, because the acceleration in data demand will always outrun a new-hire’s ability.
The Trust Exchange solution: First, you need to state your most basic goals: Save time (money), decrease operational risk, keep the regulators off your neck. Don’t let anyone convince you that it’s more than that.
1. Secure social technologies eliminate all internal data silos. If information on a vendor is collected once, it is there for all (with customizable administrative privileges) to view. Larger organizations with complex organizational structures can easily produce millions of data points and documents a year, all in the name of compliance. People alone can’t handle the volume of information without automation and social technologies. Your vendors also greatly benefit from the same technology. A vendor can push all its reporting requirements (including documents) to all its clients the moment that information becomes available, rather than fielding each request individually. This builds a reporting timeline into a vendor’s profile that may have a history that extends well beyond your business relationship.
2. Requirements are customizable on the Trust Exchange platform. You can customize your vendor’s reporting requirements however you see fit. We can create custom events, periodicity, alerts and option points within your pool of vendors.
3. Reporting is in real-time. As changes happen within your pool of vendors, your dashboard will reflect those changes instantly.
4. Administrative privileges and views are customizable based on any internal requirement, region, position, etc.
5. The Trust Exchange platform is maintained in the cloud, meaning no equipment to purchase or update. Trust Exchange operates in the secure side of Amazon Web Services, (AWS).
6. Trust Exchange scales as required, on demand.
After implementation, enterprise clients are seeing a 30-50% savings in time required to obtain vendor information. After a year (allowing for vendors to adapt to the easier reporting system), the time savings increases up to 80%.