We get it
Third party risk management (TPRM) can feel like a burden.
While third party vendors, affiliates, and sub-contractors facilitate your growth, they also put your institution at risk.
Who are you really doing business with?
Here are just a few of the ways that third party companies can cause devastating consequences for your institution:
If these scenarios (or others) happen with one of your vendors, you risk ruining your reputation (ex. seeing your institution’s name in the news), losing customers, and being shut down.
Fortrex is ready to help!
We’ll help you determine the best solution(s) for your situation—to ease the stress of TPRM and keep your institution compliant.
Still not convinced that a strong TPRM program is crucial?
Check out these startling facts:
57% of respondents in Financial Services said that they need 2-3+ years or more to achieve their desired state of Extended Enterprise Risk Management Service, which includes TPRM1.
Financial Services is an industry that has seen the most notable increase in dependence on third party services2.
81% of respondents in Financial Services reported that they don’t have appropriate knowledge and visibility over their sub-contractors, i.e. 4th and 5th parties1.
The Financial Services sector has the second highest costs associated with data breaches, at $206 million, just behind healthcare at $408 million2.
1. Focusing on the climb ahead: Extended enterprise risk management survey 2018, Deloitte, 2018
2. 2018 Cost of Data Breach Survey: Global Overview, Ponemon Institute, July 2018
What They Are Saying
Examiners said that our Vendor Management Program, including the due diligence and processes within VendorPoint and VendSure, was one of the best they had seen.
First Vice President, Risk, $2.1B Financial Institution
You guys have been amazing since I took over vendor management! Anytime I have had questions or needed help with anything you were quick to respond and do anything and everything to help me out. I appreciate it greatly!
Senior Risk Officer, $15B Financial Institution
From the minute our organization began utilizing Fortrex’s VendManage service, they took the program to new heights. Due diligence was done on time, contracts are being properly tracked, and we’re being kept up to date on all vendor risk. Great job by the Fortrex team.
Executive Vice President, $600M Financial Institution
At first our bank had a very manual process and we struggled to roll out our third party risk management program with spreadsheets. Then we started using VendorPoint. We now have a very robust third party risk management program. Everyone completes their due diligence on time and the regulators like it. The contract management features make VendorPoint a truly comprehensive system. We are so pleased with VendorPoint that we are beginning to integrate it with a variety of internal systems so that it is a seamless part of our overall business processes.
Senior Vice President, $4.3B Financial Institution
The VendSure product is fantastic! Our examiners were impressed by both the thoroughness of the VendSure analysis and the effective management platform provided by VendorPoint. Fortrex Technologies has been a valuable partner in making our third party risk management program a success.
Executive Vice President, $1B Financial Institution
We have had great success with VendorPoint and the VendManage program. We have saved money through outsourcing and our third party risk management program is up to date. The VendManage service allows us to focus on our core services while ensuring that we have the information we need to mitigate vendor risk.
Director of Risk Management, $1B Financial Institution
I have always had very quick turn around on receiving answers to my questions. VendorPoint is user friendly and flexible, and we have been able to easily configure it to handle the changes required by regulatory updates.
Assistant Vice President for $13B Financial Institution
Fortrex has provided excellent customer service delivering VendManage. VendManage allows us to focus on our customers while knowing that our third party risk management program is up to date. We like having a clear picture of our vendor risk and the risk mitigation recommendations. VendManage is invaluable for our third party risk management program!
Chief Operating Officer for $500M Financial Institution
VendorPoint is easy to use, user friendly, and very configurable. Updating due diligence questions, reconfiguring inherent risk determination, and changing who receives email notifications are all straightforward. VendSure provides us with the comprehensive due diligence analysis we use to effectively monitor and mitigate risk in our vendor relationships. Fortrex’s vendor risk management services help ensure our vendor risk management program’s continued excellence.
Compliance Director for $1.7B Financial Institution
Working with Fortrex’s VendManage Team has been a great experience! The VendManage service has made a positive impact on our third-party Vendor Management program. Their comprehensive risk analysis of our Critical vendors has helped us tremendously.
Enterprise Risk Director, $3B Financial Institution
The Credit Union needed to have a vendor management program in place before our NCUA exam. We engaged Fortrex who moved quickly, setting up our compliance program and providing in-depth analysis so that we were prepared for our exam. They did everything they said they were going to do, when they said they were going to do it. They are a great resource and easy to work with. I am very impressed with the program and the staff!
President, $50M Financial Institution
Fortrex jumped right in, providing quick turn-around on a large number of high quality vendor risk analysis reports. Their flexibility in providing just the right amount of analysis based on our requirements gave us the due diligence we needed when we needed it. Overall, quality, quick turn-around, and flexibility has been a great benefit. Thank you, Fortrex!
Compliance Manager, $10B Financial Institution
The VendManage experience has been great! The Fortrex staff gets everything done, on time, and thoroughly. The due diligence is comprehensive, and our internal departments like what they see. We are glad we engaged Fortrex and look forward to continuing our relationship.
Compliance Officer, $9B Financial Institution
“During the configuration process, VendorPoint was very intuitive and easy to use.”
Vendor Risk Analyst, $11B Credit Union
Our credit union has achieved a successful Internal Audit Vendor Management Review resulting from our vendor risk management teams’ dedicated focus. That focus was magnified through our use of VendorPoint. VendorPoint’s customizable flexibility let us manage our program the way we needed to. Furthermore, VendSure provided the robust due diligence on our select vendors that our program has come to expect, while freeing up team member’s time to focus on addressing issues.
Vendor Management Team, $1.8B Financial Institution