How Strunk’s Vendor Manager software can improve contract process efficiency
Due to business risks and regulatory concerns, managing vendor contracts has become increasingly important. Many financial institutions outsource a wide variety of activities, from professional services to actual products, which exposes them to potential risks and possible income loss. Managing the vendor’s contract from creation through execution and contract renewal is a crucial process in a vendor manager’s lifecycle. With numerous vendor partnerships, it’s easy to lose track of contracts. A robust approach to vendor contract management is essential in today’s regulatory environment. This is where Strunk Vendor Management software can help you improve your processes.
A vendor contract is not just an invoice; it is a business contract between two parties that covers the exchange of goods or services in return for compensation. Vendor contracts outline the terms of the business relationship and specify each party’s responsibilities. This is why managing vendor contracts properly with continuous improvement cannot be understated.
It’s important to have vendor management software that can perform gap analysis on your contracts. This includes providing details on each party’s obligations under the contract, which can help to eliminate potential risks in your relationship with the vendor. Strunk’s vendor contract review ensures that your financial institution meets your organization’s business goals and risk management needs. With Strunk, you can customize the level of detail and comprehensiveness of your contract provisions based on the complexity of the vendor relationship. The gap analysis approach helps your financial institution ensure that the existing provisions continue to address relevant risk controls and legal protections during periodic reviews. Strunk’s software covers every provision listed in the Interagency Guidance on Third-Party Relationships: Risk Management. This helps your financial institution consider the factors and controls that need to be added during contract negotiations.
Strunk’s Vendor Manager can assist your financial institution in managing the entire contract process. It offers a centralized location to store contracts and due diligence material, simplifying access to crucial information for your organization. Additionally, it provides notifications for upcoming contract due dates, enhancing compliance and reducing potential risks, while also streamlining the process for greater efficiency and effectiveness. Visit our site to learn more.
