Your vendors are properly analyzed before you sign a contract, and they are monitored throughout the life of contract.
CliftonLarsonAllen’s comprehensive vendor management assessment provides your financial institution with expertise in the vendor management process.
What’s on your mind?
- Increased emphasis on vendor management by regulatory agencies
- Lack of knowledge to properly review and monitor critical and significant vendors
- Ensuring vendors are complying with contracts
- Obtaining and reviewing SSAE 16 reports for all critical vendors
- Completing risk assessments to identify all risks in the vendor management process
A unique approach
Vendors are a key component of every business. How each vendor is selected and managed can directly impact your financial institution’s ability to meet business objectives. A well selected vendor, and management of the ongoing relationship, can result in increased customer satisfaction, reduced costs, and better service.
In addition to proper vendor selection, recent guidance issued by regulatory agencies places an increased emphasis on developing a risk assessment for the vendor management process, and continually monitoring critical and significant vendors. Gone are the days of obtaining the SSAE 16 report and filing it away until an examiner requests to review it.
CLA offers a full range of support of the vendor management process, and can design a customized system to properly analyze all of your critical and significant vendors.
Vendor IT risk management services for financial institutions
- Provide analysis of key vendors in the financial institutions industry
- Development of a strategic plan and risk assessment
- In-depth review of SSAE 18 reports on critical and significant vendors
- Analysis of vendor’s market position
- Review of use of sub-contractors and dependency on key personnel
- Evaluation of the vendor’s disaster recovery and business continuity planning
- Review of existing policies and procedures for compliance with best practices
- Conduct vendor analysis, and review and assess vendor contracts
- Review contract terms and conditions and identify unseen costs
- Disaster recovery and business continuity