VendorXpert
DYNAMIC XPERT FINANCIAL SOLUTIONS
With VendorXpert, third-party provider details can easily be monitored and tracked in a user-friendly Web-based environment that allows for rapid deployment and management of these crucial relationships.
Regulatory concerns have heightened dramatically due to legislation such as Gramm-Leach-Bliley’s Act, Sarbanes-Oxley and U.S. Patriot Act creating an environment where regulators are now scrutinizing vendor relationships and requiring that organizations “know” their vendors as well as their customers.
Utilizing risk management metrics, the following items can be monitored and maintained using VendorXpert:
- Due diligence in vendor selection using predefined vendor categories with specific requirements and approval workflow
- Mathematical risk analysis to find areas of exposure with the usage of a vendor and more importantly the termination or disappearance of that vendor
- Vendor internal control documentation including personnel, financial and operational risk mitigation strategies
- Vendor agreement, maintenance agreements and escrow requirements
- Continuous supervision and monitoring of vendors using a risk-based model with proactive alerts of contract expiration dates, insurance requirements and required documents established as terms of the agreement documents
- Tracking payments versus agreement terms to ensure payments are within tolerances for the approved agreement
Having gone through the process multiple times, Sydel Corporation’s experience as a vendor has been joined in developing VendorXpert with proactive organizations that understand the importance of tracking these relationships. As the most comprehensive application for vendor management, VendorXpert is poised to become the industry standard.
Features
- Track and monitor with proactive alerts
- Risk rate vendors
- Store critical agreement terms and documentation
- Track payments versus agreements
- Cross check vendors against watch lists
