Strong Corporate Governance practices must also include a selection process and review of all significant third party vendors. This process has been under significant regulatory scrutiny over the past few years as institutions rely more heavily on these third party relationships.
THE VENDOR SELECTION MANAGEMENT MODULE ALLOWS INSTITUTIONS TO BETTER MANAGE THIS PROCESS AND KEEP ALL RELEVANT FILES IN A READILY AVAILABLE LOCATION.
The module allows senior management to:
- Create a process for each third party vendor
- Ensure the yearly collection of necessary information such as Confidentiality Agreements, W-9 management, Data Security Policy and Disaster Recovery Plans, Certificate of Good Standing, Annual Financials, and Proof of Insurance.
- Select up to 10 customized dates with which to track the selection process progression and completion.
- Assign an owner to each process and track process approval.
- Link up to 15 files to each process ensuring each process has all the supporting drafts and relevant documents.
- Create color coded calendar events based on the assigned dates for each process.
- Alert relevant parties of upcoming due dates and responsibilities.
- Archive processes after a length of time determined by the institution.