Vendorly, a vendor oversight platform for financial institutions, has launched its Contract Management feature to enhance insights into contract terms, performance and spend analysis within the vendor management solution. Contract Management is available as a new feature for existing customers using the Vendorly platform, or as an independent software-as-a-service (SaaS) offering.
In a Vendorly survey conducted earlier this year, 44 percent of banking and mortgage professionals surveyed said their organizations were responsible for managing at least 100 vendors. When asked how often their organizations monitor and assess vendor performance, 30 percent of respondents said annually. With the addition of the Contract Management feature, Vendorly makes it easier to gain valuable insights into contract terms, performance and spend analysis of third-party vendors. Financial institutions can proactively manage key metadata within a contract and create action date triggers to automate reminders to help avoid missing renewal and other relevant dates and terms.
Vendorly is committed to delivering a digital ecosystem around the full vendor management lifecycle. In addition to offering customers a SaaS solution, the Vendorly platform also offers its customers managed vendor oversight services including vendor due diligence, document management, annual assessments, information security assessments, financial condition reviews and on-site audits.
“Contract management is an essential component of a robust third-party risk management (TPRM) program because many controls and best practices stem from the contract language,” said Jim Vaca, Senior Vice President, Vendorly. “As TPRM gains more focus from the C-suite, it is important to offer insight into the vendor contracts to help mitigate contractual and compliance risks by ensuring that relevant contract clauses, such as indemnifications, performance levels and assignment terms, are in place and managed appropriately. Having a single-vendor contract repository with reporting functionality will enable insight into not only vendor spend, but the contract terms and associated requirements.”
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.