Despite the passage of Regulatory Relief S. 2155 bill, the Dodd-Frank Act — along with various other state and federal regulatory bodies — continues to impose significant risk management regulations on financial institutions. But the compliance risk reaches far beyond companies that deal directly with consumers.
The third-party vendors that financial institutions rely on are also subject to these regulations. The problem? Banks and nonbanks use hundreds of vendors, all of which must meet dynamic oversight rules.
Financial institutions need a comprehensive solution to help manage and maintain vendor compliance. Altisource’s external-facing, SaaS-based oversight platform, Vendorly, is specifically designed so financial institutions can easily and efficiently manage even a large number of third-party companies.
“The Vendorly platform can help to streamline vendor due diligence, document maintenance, monitoring and audits,” said Jim Vaca, senior vice president of Vendorly. “For less mature programs, Vendorly can provide a complete out-of-the-box solution to jump-start a program of any size or complexity. For mature programs, Vendorly brings an extra layer of efficiency and control.”
Over the past year, Vendorly has expanded its platform with four third-party oversight integrations. These integrations enable customers to enhance their compliance management framework and help maintain the high oversight standards required in today’s marketplace.
These integrations were chosen to address key elements in vendor due diligence. These are gaps often found in third-party risk management and its manual procedure, which relies on additional logins and users’ accounts. By leveraging the ability to integrate with the technology service providers, the Vendorly solution reduces the clicks and manual processes for a seamless user experience bringing vendor oversight into a single record for centralized record keeping.
Vendorly’s solution is used by more than 90 financial institutions and a network of more than 25,000 vendors. The company has designed 221 customizable certification packages and nearly 422 certification artifacts.
Vendorly’s platform means clients can comply with ever-changing due diligence requirements and directly share documentation. “We have over 1,000 vendors and our management with them was a good try but it was not efficient,” said one Vendorly customer. “It was a year-long process. Vendorly has taken that off our plate.”
“It’s great to have the kind of confidence that the group that’s vetting out your vendors has done their due diligence and they’re really there to protect you,” said another customer.
Vendorly’s innovative oversight platform simplifies third-party risk management processes so financial institutions can focus on their core business while maintaining the high oversight standard required in today’s marketplace.
WHAT CUSTOMERS SAY:
"It’s great to have the kind of confidence that the group that’s vetting out your vendors has done their due diligence and they’re really there to protect you.”