How can Strunk’s Vendor Manager software support your organization’s Third-Party Risk Management process?

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Several key elements must be considered in the Third-Party Risk Management process for financial institutions. Banking regulators issued a joint statement highlighting the risks faced by financial institutions when partnering with third parties for bank deposit products and services, along with examples of effective risk management practices to help mitigate these risks.

Strunk’s Vendor Manager software aids in minimizing risks by providing a framework to collect vital data and processes. Third-party risk management is an ongoing process that begins with due diligence prior to signing a contract and continues with regular monitoring throughout the partnership. Strunk’s Vendor Manager software facilitates comprehensive risk assessments and evaluates vendor controls for your financial institution. Furthermore, it offers a storage solution for due diligence documents related to potential third parties before you engage with them. Strunk’s vendor risk assessments are standardized evaluations designed to meet regulatory standards and align with your financial institution’s risk appetite. This assessment categorizes and ranks each vendor based on their potential risk.

After negotiating a contract, Strunk’s software offers a secure location to store your contract and highlight any discrepancies, ensuring it thoroughly outlines the responsibilities and obligations of both the financial institution and the vendor. Furthermore, it enables you to monitor key dates and generate insightful reports for the financial institution’s leadership and management.

Ongoing evaluation tracks the vendor’s performance and risks during the entire relationship lifecycle. Strunk’s Vendor Manager software features a customizable monitoring section, acting as an efficient tool for assessing, overseeing, and controlling third-party risks.

Financial institutions need software to maintain detailed records associated with risk and to produce reports on third-party risk management activities for stakeholders. Strunk’s Vendor Manager software can assist you in meeting all your Third-Party Risk Management program goals. Click here to learn more or contact Strunk at info@strunkaccess.com.

An independent certified public accountant has examined Strunk’s operations and found them to be in compliance with the AICPA’s Trust Service Principles. It was determined that Strunk meets the Security, Availability, Processing Integrity, Confidentiality, and Privacy criteria for SOC 2 established by the AICPA.