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Vendorly Collaborates With Shared Assessments

Vendorly, a vendor oversight platform for financial institutions, has collaborated with Shared Assessments, a source in third-party risk management, to license the Standardized Information Gathering (SIG) Questionnaire. The SIG Questionnaire is available for Vendorly customers to access the industry-standard list of questions, based on the risk profile of their vendor engagement.


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Built on best practices by the Shared Assessments member community, the SIG Questionnaire provides standardization and efficiency in performing third-party risk assessments. Vendorly customers no longer need to rely solely on internal expertise in knowing the difference between frameworks (i.e. ISO or NIST) and instead can rely on the standardized questionnaire to help define how to mitigate risk. With over 50,000 vendors actively managed on the Vendorly platform, the addition of the SIG functionality showcases Vendorly’s commitment to raising the standards of third-party risk management (TPRM). The SIG effectively becomes the standard for all questionnaires, helping to satisfy the universe of a TPRM professional’s risk control areas.


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“Vendor management is becoming increasingly complex, covering more and more areas,” said Jim Vaca, Senior Vice President, Vendorly. “By recognizing the pain points experienced by the customers and vendors we work with, we felt a need to bring additional efficiency to both. So often our clients and prospects ask for guidance on the right questions to ask, even something as simple as how long the questionnaire should be. The standardization of questionnaires is long overdue and we are excited to be offering the Shared Assessments SIG Questionnaire to our clients.”


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“We commend Vendorly for joining the community of third-party risk practitioners working to create assurance in vendor relationships,” said Catherine A. Allen, Chairman & CEO, The Santa Fe Group | Shared Assessments. “By adopting and contributing to the Shared Assessments standard, Vendorly is working to create standard assessments that are reliable, relevant and efficient.”


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Vendorly is a SaaS vendor oversight platform designed to help financial institutions manage their vendors and meet their evolving vendor oversight obligations. The Vendorly platform can help to streamline vendor due diligence, document maintenance, monitoring and audits. Vendorly is part of the Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) family of businesses.

Financial Institutions Can Now Gain Insights Into Contract Terms

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.


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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.


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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.


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“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.”

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Survey Finds That 59% Of Respondents Do Not Have A Fully Comprehensive Vendor Management Program

Vendorly polled banking and mortgage professionals on their organizations’ vendor management processes, challenges and technology capabilities. According to the study, there is a need for the implementation and enhancement of vendor management programs within the banking and mortgage industry. Three in five respondents (59 percent) said their organization does not have a fully comprehensive vendor management program in place. Of those respondents, one-third (33 percent) said their organization’s vendor management program needs improvement.

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Vendor Management Staffing Conditions and the Need for Improved Operations

When asked about the biggest challenge their organization faces within vendor management, more than one-third (36 percent) of respondents identified employee capacity to handle workload or vendor management as the greatest challenge. It is not surprising that the biggest vendor management challenge may depend on the size of the company’s vendor management team. Among survey respondents, 40 percent said their organization has three or more full-time employees dedicated to their vendor management program with 39 percent stating they have less than three.

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Nearly half of respondents (44 percent) said their organization is responsible for managing at least 100 vendors. With this volume of vendors to manage, it is no surprise that the second biggest challenge cited by professionals was knowing who their vendors are and tracking them (27 percent). Vendor inventory size and management may also influence reporting frequency. When asked how often their organization monitors and assesses vendor performance, 30 percent of respondents said annually.

The Growing Importance of Technology for Efficiency and Enhancing Vendor Management Processes

The need and desire for proper technology is evident among those surveyed. Nearly half (47 percent) said their organization does not have a technology solution in place to help manage vendors. A large majority (90 percent) believe technology would positively impact their vendor management program and process. Of those respondents, more than half (59 percent) said automation would help increase the efficiency of their program, 41 percent said technology would improve reporting capabilities to executive management and regulators, and 36 percent said it would improve effectiveness of vendor management by mitigating vendor risks.

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“The importance of technology to drive efficiency, increase due diligence and further improve an organization’s vendor oversight processes is becoming a realization for many,” said Jim Vaca, Senior Vice President, Vendorly. “However, as the survey results show, even though many have identified the need for a vendor management solution, a surprising number have yet to adopt or implement the technology. Our solutions allow for financial institutions to move away from historic and inefficient vendor management processes and transition toward a multifaceted vendor oversight program to help them achieve more efficient management of the process using much less human capital than otherwise would have been required without our technology.”

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Altisource Launches Enhanced Vendor Oversight Platform

Altisource Portfolio Solutions has expanded its Vendorly platform. The platform launched last year exclusively for members of the Lenders One Cooperative, a national alliance of independent mortgage bankers, and is now available to the broader mortgage and community bankers market outside of the Lenders One network. The Vendorly platform is designed to help streamline vendor due diligence, document maintenance, monitoring and audits.

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The scrutiny of vendor oversight practices continues to be a focus of regulators. It’s important for mortgage and community bankers to have a multifaceted vendor oversight program. Through the Vendorly platform, and its vendor oversight offerings, Vendorly can help strengthen its customers’ compliance management framework and increase their operational efficiencies. Vendorly offers managed vendor oversight services, including due diligence, document management, annual assessments, information security assessments, financial condition reviews and on-site audits.

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Vendorly is announcing collaboration with Secure Insight, an innovator in the mortgage industry in providing settlement agent risk evaluation, rating, monitoring and database reporting on fully vetted mortgage closing professionals. Currently servicing close to 100 clients nationwide, Secure Insight will deliver real-time risk ratings and related settlement agent data to clients through the Vendorly platform. Together, Secure Insight and Vendorly intend to develop a platform that produces a transaction-based tool with risk data on each transaction prior to a closing (and just before the proceeds are wired). It is expected that this process will provide data in a more efficient, streamlined manner and give lenders greater comfort in the protection of their money, documents and consumer data at each closing.

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“Our relationship with Secure Insight allows us to leverage their deep expertise in settlement agent oversight and industry-leading database of over 50,000 vetted and rated agents, which has been a decade in the making,” said Jim Vaca, vice president, Vendorly. “With Vendorly, we’ve developed an easy-to-use platform for delivering stronger vendor management across all vendor types. Since our initial launch, we’ve provided our Vendorly solution to more than 50 customers, whose direct feedback helped shape the technology we are offering today.  Leveraging Altisource’s technology and industry expertise has enabled us to help bring efficiency to our clients’ vendor management processes.”

“We have always recognized that lenders are seeking a complete solution for vendor management, one that encompasses the different areas of risk and the various vendors that make up the universe of third parties with whom lenders conduct business,” said Andrew Liput, president and chief executive officer, Secure Insight. “We are excited to combine our specific expertise in settlement agent oversight with Vendorly’s oversight services, uniting our efforts to develop an integrated solution that will deliver our risk data on a transaction basis for greater loan efficiency and operational security at the closing table.”