Financial institutions are among the highest regulated industries, in large due to the sensitivity of the customers’ data they are dealing with.
One area that is of high concern is the outsourced activities and services to third parties, whether these third parties are carrying out operational service to the financial institutions, such as loan administration, or providing independently a specific service to the bank, such as legal services.
IntelliVendor helps banks and financial services providers to on-board, risk rate, and most importantly establish an ongoing monitoring to vendors who are deemed high risk, or critical in function, to meet the regulators requirements worldwide, customizable to the local regulations needs if necessary.
IntelliVendor is an effective tool to manage and oversee third-party vendors. It includes systematic oversight to ensure vendors comply with all applicable legal requirements as well as a process to address various risk factors.