Vendor Manager

Get a grip

Simplify your vendor management process

Automate the process to reduce your administrative burden and save time

1
2
3
4
5
6
1
Vendor database

Keep track of all vendor relationships, including risk level and status

2
Risk Assessment

Periodically assess inherent risk from vendor relationship to identify risk areas that require further examination

3
Automated Vendor Surveys

Generate vendor surveys with questions directly derived from areas of concern identified in the inherent risk assessment.

4
Contract Management

Evaluate vendor contracts, track performance and manage renewals

5
Score Contracts

Score individual contracts based on presence and quality of key provisions. Complete periodic abbreviated reviews, unless significant changes warrant more extensive vendor evaluation.

6
Service Level Performance

Track performance on key service level agreements

IN an increasingly interdependent world, your vendors may be one of your biggest sources of risk. Your regulators, customers, and key stakeholders want evidence you are on top of your vendor risk.

Vendor Manager automates a cumbersome process into a well-organized, self-documenting work flow. Use Vendor Manager to:

  • Maintain your list of key vendors and associated contacts
  • Track the status of all your vendor contracts
  • Assess inherent risk presented by each vendor
  • Assess residual risk for high risk vendors
  • Automate vendor responses to detailed risk assessment questions
  • Complete annual contract reviews
  • Track performance against key Service Level Agreements (SLAs)

Vendor Manager automates vendor due diligence, providing a practical framework for deciding which vendors to assess in depth, assessing the risks they present, and monitoring their performance.

Testimonials

When I was Chief Risk Officer at a $750M bank, we implemented Strunk’s ERM Solution. It brought together all areas of the risk assessment process into one easy to use format and we eliminated the Excel spreadsheets. I highly recommend it for any size bank.

Strunk’s implementation of Risk Manager was excellent. Impressive software you all have developed.

Strunk’s Risk Manager program is a great product that makes the risk assessment process easy to manage and is proving to be very helpful to us.

Benefits

  • Organizes all vendor management in secure, web-hosted database
  • Automated inherent and residual risk assessment
  • Generates online vendor surveys based on risk assessments
  • Tracks contracts, renewal dates, key provisions, and service level performance
  • Complies with all regulatory guidelines

Compliance Commandments

  1. Know your risks
  2. Ensure policies mitigate key risks
  3. Trust, but verify
  4. Prove it
Schedule A Demo

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.