If you’re not using vendor management software yet for your mortgage company’s third party risk program, you’re missing out on efficiency and high quality results to show off to your team, board of directors and examiners. We’ll go through the various benefits now.
Vendor Management Software Can:
- Automate tasks for the oversight process. This could include, RFP, Ongoing Monitoring, Negative News updates, Annual Assessments.
- Further centralize a decentralized vendor management program across multiple lines of business. The overall organization will have a better understanding of vendors who may impact their business channel.
- Provide a feedback loop for the risk and production channels so that parties are aware of any vendor challenge which may be impacting their production or risk appetite.
- Develop a robust system for improved contract document storage in addition to contract renewal oversight control.
- Monitor output from the vendor management team to gain insight into the status of due diligence reviews and any frequent vendor difficulties the team may be experiencing.
- Streamline the overall vendor management program and helps keep the process independent and less reliant on a key individual. Once the process is built in the software, it becomes a recorded and repeatable process and can be implemented effectively and efficiently with a minimal learning curve.
The use of software will allow your department and your organization to move the needle in terms of the overall maturity level. Software up until now has been the missing link in effectively managing a vendor panel which requires an increasing level of oversight. Add a good software to your arsenal and mark this off your to-do list.
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