It’s been said that Third Party Risk Management is part science, part art. What happens if you lose a trusted subject matter expert to the Great Resignation? Or corporate reorganization? Or internal transfer?
Talent and institutional knowledge are literally walking out the door! Cleaning up the fallout involves asking the remaining subject matter experts/SME’s to; wear additional hats, keep a close eye on risk exposure just as the risk environment remains white-hot, and maintain policy while the regulatory bar is rising even higher.
How does an institution address these gaps?
Organizations may be pleasantly surprised to find mature and configurable technology solutions available, often, for less than the salary of a mid-level FTE.
Good technology solutions are designed to grow with an institution as existing programs mature and interconnect with other systems.
A mature solution will take you off spreadsheets that rely on a single or small group of SMEs. Should anyone leave due to resignation, head-count reduction or internal transfer, the data and workflow core to your program remains on track. Existing roles and responsibilities can be reassigned to internal staff or handed over entirely to an outside party. Reporting, watchlists, historical audit trails, notes, and deliverables all remain intact.
Fortrex Technologies offers a full suite of Vendor Risk Management solutions.
Our premier solution is the VendManage program. With VendManage, Fortrex manages all your Vendor Risk Management demands: data entry, risk rating, risk monitoring, due diligence, document collection and review, periodic service reviews, and real time reporting. All work that Fortrex does on behalf of your program is available to you 24/7. Monthly reporting is automatically delivered. Fortrex is available to help you prepare and then; meet with regulators, Internal Audit, and your Board. VendManage has repeatedly passed Internal Audit and Regulatory scrutiny for years. The VendManage program is often significantly less than the cost of an FTE.
Please call or email Fortrex today to see what everyone is talking about. Get your Vendor Risk Management program back on track! Fortrex is here to assist.
