What is the difference between vendor management and vendor monitoring? Is vendor management a subset of vendor monitoring? Or is vendor monitoring a subset of vendor management?
The viability of any given company, varies over time and can be impacted by many things including their performance, business cycles and the political environment. Understanding the ebb and flow of a company’s business is key to understanding their viability.
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.
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.
As we pointed out in our prior post, The Secret of the B2B Credit Middlemen, the process for establishing, maintaining and granting credit is fundamentally busted. It’s expensive, inaccurate and non-transparent. We believe this industry can be restored in three key ways: 1. Freeing the Data, 2. Socializing the Data and 3. Fixing the Process. In this post we’ll discuss how socializing the data can eliminate one of the key problems in business credit reports: accuracy.
The credit bureaus DON’T ISSUE CREDIT! Businesses grant credit to each other and use bureaus such as Dun and Bradstreet to assess the viability of a given company. A quick glance at the D&B FAQ and you can see to create the credit scores, they use data from multiple sources. Most of these sources include public data or utilities reporting on the timeliness of your payment.
Similarly, businesses make their own decisions about partners, vendors and key relationships. It's the same decision process. Entering into one of these types of business relationship is similar to issuing credit in that you're allocating resources to invest in these relationships.
The bureaus claim to manage over 100 million profiles. The biggest of the bureaus makes 20 million data verification calls per year. Something doesn’t add up! There is NO WAY they can possibly verify the accuracy of 100 Million companies by cold calling. Imagine if they were competing with Waze, verifying traffic and police locations by cold calling drivers on their cell phones. They're a linear tool in an exponential world!
The ratings business information should be SOCIAL. DnB, Experian etc. are data storage middlemen. If companies are able to view and manage profiles, rate other companies and contribute ratings free of charge, then the data will be more accurate, timely and more closely correlated to business reality. Reaching SOCIAL SCALE is the only means to truly achieve this cost effectively.
At Trust Exchange, we aim to create an open, easy to use, peer to peer, risk management platform that enables companies to more effectively manage their risk. The value of the network is proportional to the number of members...we need you!!
Get your Free Account HERE
Here is the first of a series of tutorial videos we will be releasing over the coming weeks. This video provides a general overview of our product and demonstrates how easy it is to build a dashboard and track companies.
It's never been easier to build a custom compliance dashboard.
To learn more contact us. HERE
This major release launches our new user interface, which features beautifully redesigned views, intuitive navigation and forms, greater user control over permissions and significantly enhanced reporting flexibility. In addition to these platform upgrades, system updates have been implemented that increase speed and stability, several bug fixes have been applied, and support resources have been expanded.
Platform-wide User Experience Redesign
The new Trust Exchange user interface features attractive, easy to understand views and intuitive top level navigation in the left sidebar, as well links to user-friendly support resources and company information in the footer of every page. In addition, helpful text descriptions and mouse over information is served up contextually throughout, and forms for searches, reports and information entry have been extensively redesigned for simple and efficient input of parameters and data.
Enhanced Dashboard Information
Dashboard pie charts have been replaced with dynamic graphs which provide detailed information on multiple aspects of portfolio list status at a glance. The new dashboard also features a scrolling feed in the right sidebar highlighting summaries of new events created in portfolio companies. The dashboard continues to offer direct navigation between portfolios, and list management, monitoring and reporting tools remain accessible via the list drop down menu. New, expanded reporting capabilities can be utilized by clicking on the “Reports” icon in the navigation sidebar.
Intuitive, Versatile Reporting Tools
In the updated interface, reports are built using easy-to-understand report wizards and permit significantly increased reporting versatility. Event Reports and Checklist Reports can be created for any number or combination of companies and/or portfolios. Each report type allows the user to select a custom set of events or checklists to report on, and the user may choose from several convenient, pre-set date ranges.
Flexible Company Profiles
Both company profile views and reports increase user control over the types of events displayed and the date range covered. Enterprise tier users may now delete events which they themselves have created from a company’s timeline.
Expanded Company Information
Company information input forms are now tiered in multiple tabs, allowing a user to add basic information and then more details as desired. A company owner has access to additional tabs to further complete their company’s profile. This information works hand-in-hand with enhanced search capabilities and will allow prospective customers searching Trust Exchange to more easily find vendors who meet their needs. Trust Exchange and its partners will also use this information to feature companies who meet the criteria of our enterprise customers who are seeking vendors with specific attributes.
Improved Document Management
Documents can now be uploaded in a user’s “Files” section via an easy-to-use form. When attaching a document to an event, a user’s list of documents is served up at the bottom of the new event entry form, allowing a user to click to select any number of documents to attach them to the event.
Several useful enhancements have been implemented with this release:
Editing permissions can now be selectively granted for both private and public events
A “Comments” field, which displays in the Event Report as well as in event summaries, has been added to all event types
Users can now navigate to portfolios from a company profile
Functional organization is improved for portfolio and user settings
Many entry fields for event creation, checklist monitoring, permissions and reports throughout the platform now use incremental search rather than scrolling lists for input selection
I read an interesting article recently in FinRegAlert: Fintech, Regtech and the Role of Compliance. In it the author points out the tension between the drive to adopt new financial technologies and complexity added by new regulatory requirements. The article is a good summary of the information published by Thomson Reuteurs which can be dowloaded here. However, I do think it misses a key point in that the new regulatory requirements are an EXPONENTIAL increase in complexity which will never be fully addressed by incremental regtech.
Exponential problems are difficult if not impossible to get under control and trying to solve these problems wtih linear solutions (more storage, processors or deploying more people etc.) is a fool's errand that can add unbounded cost. The solution is exponential regtech!
Here at Trust Exchange we are working to solve these problems by bringing exponential technologies to the sharp edge of these challenges. For instance, we are using crowdsourcing to solve the data collection problem inherent in most regulatory requirements. Like Facebook collect information from the edge, compile it and present it in clear and actionable ways.
If you wold like to learn more, CONTACT US for more information.
Congratulations to Catherine Muldoon and Shelly Barard, who work for our customer BDP International, on the publication of this article: A Logical, Logistical Approach to Oil and Gas Supply Chain Compliance. The article was published in The Association for Corporate Counsel's "Docket."
The article describes the complexity of the oil and gas supply chain and the specific international anti-corruption regulations. They detail their approach to ensuring compliance and the various consequences of non-compliance including criminal charges, fines and reputational damage to companies. They also touch on the negative impact corrupt practices can have on developing countries across the globe.
Catherine and Shelly explain how they use TrustExchange's (aka G2Link) platform to ensure compliance and increase the trust and transparency between their suppliers. They even include a nice quote from me:
“Leveraging the advantages of cloud computing organizations has an unprecedented opportunity to more rapidly share their valuable data within their extended organiza- tion including customers, employees, partners, and vendors,” says Edward Sullivan, CEO of G2Link. “When the collaborative economy technologies are fully embraced by enterprises, the value is exponential. Automation and true real-time decision making have come of age.”
You can download and read the entire article HERE.
If you want to learn more about how TrustExchange can help REQUEST MORE INFORMATION.
Trust Exchange has been evaluating the Underground Storage Tank (UST) compliance monitoring industry very carefully – in order to determine the market opportunity. We started with the EPA, both literature review and face to face interviews. The takeaway from this is that the lawyers at the EPA are continuously amazed at continuous stream of stiff penalties they levy for non-compliance with UST regulations. From the EPA’s point of view, the UST requirements are well laid out and easy to understand. There is an obvious market need that is not being addressed
There are compliance monitoring services and platforms targeted at the UST market. This leaves us to ask why the EPA is being kept so busy. Interestingly, the EPA is restricted in that they cannot advise a non-compliant operator “how” to fix the UST offense, or “who” to hire to help fix the problem. The offender needs to seek out an engineering or consulting firm to assist them into compliance on their own. Regardless, the damage is done. Single station operators with the standard three or four tanks commonly draw fines in excess of $30,000.
Is this you, even if you haven’t been caught yet? We want to know what keeps you out of compliance. Here’s what we’ve learned so far:
· A compliance monitoring service is too expensive.
· A compliance monitoring platform has a difficult learning curve.
· We have the right tools, but at some point we forgot.
· The automatic tank gauging system produces a small slip of paper that we lose.
· We didn’t know (often the case in family-owned businesses).
Are you an engineer or scientist that serves this market? You are commonly the single source of advice for the UST operator. What keeps your clients from installing a compliance monitoring platform or hiring a third-party service? Here are our thoughts:
· A compliance service or built-in platform is cost prohibitive for the smaller operator.
· Current platform offerings tend to cater to larger operators.
· Current platform offerings are narrowly focused – UST monitoring and inventory only.
· Electronic storage of required documents needs to be easier.
· Petroleum storage isn’t the only compliance task an operator has.
We want to talk to you. What does the market need to fill the obvious gaps? Please contact us HERE and we'll reach out.