AuditLink maintains the most robust and relative data base of vendor due diligence and intelligence in the country. We set the standards for vendor due diligence for a national audience. We are guided by the 7 cooperative principals, democratic control, economic participation, autonomy and independence, education, training and information, cooperation among cooperative and concern for community. We believe that all vendor relationships are partnerships. The consistent gathering and exchanges of trust are the key factor that gives AuditLink Vendor Management a unique competitive edge.
The Industry Demands Technology
Regulatory bodies are asking for more dynamic vendor management processes; simply reviewing an SSAE-16 and financial statements is fast becoming an unacceptable approach. Financial institutions were once given a pass on reviewing selection, implementation, compliance performance, operational performance and renewal of vendors. Now it is quickly becoming a requirement to have a constant review process for dozens of different areas of your vendor relationships. Couple that with the fact that the recent FFIEC cyber security guidance which now includes vendor management. Financial institutions, and other agencies where vendor management is a requirement, are wondering how they can support the operational requirements placed on them by these agencies and wonder how they will go about retooling and afford to invest in this area.
To meet the ever growing need in the area of vendor management, AuditLink has partnered with Trust Exchange and Virtual StrongBox. Together we have created one of the most robust, vendor management services in the industry. By using a combination of best practices, defined processes, technology and people, AuditLink Vendor Management Services can help you protect your most critical relationships in a proactive manor.
Vendor Management Dashboard
Timely and actionable information is delivered through easily configurable dashboards. Create custom monitoring criteria and risk policies that can be monitored automatically. Dashboards and reports create visibility throughout the organization and regulators.
Active Document Management
Document management is one of the most costly aspects of Vendor Management. Depending on the risk profile of the vendor the number of documents that must be managed can be enormous. Trust Exchange enables Vendors to deliver documents directly to Credit Unions securely and privately. Documents can also be sent to several Credit Unions simultaneously!
Vendor Compliance Timeline
Our custom timeline provides a consolidated view of each vendor’s performance over time. At a glance you can determine an individual vendor’s compliance and policy violations.