Vendor Management for Financial Institutions: Banks, Credit Unions, Mortgage Companies
What is Vendor Compliance? A basic overview of vendor compliance for regulated and non-regulated businesses
This afternoon we are co-hosting a webinar with our partner, Auditlink entitled "Leveraging Latest Technologies to Lower Cost of Vendor Management." Unfortunately, due to limited space, we were unable to accommodate everyone interested in attended so we had to shut down registrations. We will post the slides and a recording of the webinar within the next few days.
In the meantime, here is a summary of the topics discussed:
- new regulations are increasing the costs of managing vendors for credit unions
- cost of compliance increase isn't incremental but exponential
- existing solutions are largely manual workflow management and don't scale
- Trust Exchange provides a solution based on crowdsourcing and collaboration
- Trust Exchange DEMO
- Q & A
Stay in the loop....don't miss the next webinar by clicking below.
With the explosion of vendor management as an application for our platform, we thought it might be a good idea to revamp our company signup and claiming interfaces. We're experiencing a large spike in vendors signing up (it's FREE...join HERE) and claiming their companies.
BDP International, a Trust Exchange customer, explains in a recent report how our platform is uniquely designed to monitor and investigate its vendors, partners and customers, ensuring all are compliant with international policies on anti-corruption and anti-trafficking. The article, Special Report on: Human Rights, published by Ethisphere Institute, highlights the continuing issue of human rights violations around the world, and cites several organizations, including BDP, who are taking a proactive approach to addressing these challenges.
"The private sector has an ability to positively combat [human rights] challenges through creating and enforcing proper policies, engaging with governments and NGOs focused on ending these abuses, and working together to ensure suppliers, partners and other stakeholders are aligned with similar goals," says Stephen Linssen, Chief Compliance Officer of Ethisphere. "By its nature, exact data and metrics around forced labor and other abuses are hard to come by, but reports by the U.S. Department of State and Human Rights-focused NGOs estimate that more than 20 million people worldwide are forced to work against their will and without compensation."
So how exactly is Trust Exchange, a compliance/vendor management software, helping combat human rights violations, you ask?
By providing unique, real-time means for companies to investigate and monitor their business partners. BDP is committed to ensuring that its organization, partners and vendors adhere strictly to anti-corruption and anti-human trafficking policies, and depends on Trust Exchange's customizable compliance platform to do just that.
"We rate partners through trust certificates benchmarked against best practices in the industry", says Catherine Muldoon, Chief Legal Officer of BDP International, Inc. in the article entitled "The Logistical Approach". "[With G2Link] monitoring is automated consistent with the policy requirement we created. Thus, we maintain oversight in real time and are alerted as soon as behavior deviates from policy requirements."
BDP and Trust Exchange aren't alone in their commitment to combat human rights violations. The co-author of "The Logistical Approach" is Caitlin Smith, who is completing a concentration in Business and Entrepreneurship Law at Drexel University.
Read the whole thing: A Special Report On: Human Rights
If you would like to learn more about how we can help you manage vendors more effectively, Contact us HERE.
We're in Orlando Florida this week attending the National Association of Credit Union Service Organizations annual meeting: NACUSO Network 17. We're here supporting our partner, Audit Link who uses the Trust Exchange platform to manage risk for Credit Unions.
Due to recent regulations Vendor Compliance and Vendor Management are pressing issues for Credit Unions of all sizes. With Audit Link, we've created a series of risk assessment and monitoring products that dramatically reduce the cost of managing a vendor compliance program and increase compliance readiness.
In creating the joint vendor management products, we made certain that the audit and monitoring products scaled up and down to support credit unions of all sizes. We have implemented this cost effectively for Credit Unions with a handful of vendors as well as those with hundreds of vendors.
If you're attending NACUSO and want to learn more, I'll be hanging in the exhibit hall with our partners at Audit Link and CUAnswers.