Nvendor Empowers Fahey Bank to Select the Best Vendors

The Solution

Nvendor has been a game-changer for Christine and her bank’s vendor relationship managers. From vendor selection to managing third-party risk throughout the vendor lifecycle, Ncontracts’ industry-leading third-party risk management (TPRM) solution has saved the bank countless hours and enabled Woodard to manage vendor risk more effectively.

“If I had to go back and do vendor management manually, it would take me at least twice as long to complete the same  work and it would not be as accurate,” Woodard says.

The Results

Quicker, More Insightful Vendor Overviews: “Nvendor offers a seamless process for creating RPFs and identifying vendors that provide the necessary due diligence information. From this point, we can easily create reports for the Board and other committees to review and determine if they are the best fit for Fahey.”

Defined Workflows Based on Vendor Criticality: With Nvendor, Christine can more accurately assess third-party risk during the selection phase. The system allows her to manage critical documents, review risk categories (GLBA, cybersecurity, etc.), and conduct residual risk assessments based on the criticality of the vendor. “During the initial assessment, the system quickly enables you to understand what due diligence documentation and information needs to be collected based on the vendor’s profile.” 

Simplified Reporting: “Ncontracts’ system allows me to take messy vendor reviews and 
risk assessments and transform them into beautiful executive summaries and board 
packs in minutes.”

Less Tracking and More Action: “With the automated reminders in Nvendor, I don’t 
need to track what vendors need annual due diligence. The system sends a reminder to my email telling me what I need to do. I can quickly send due diligence surveys to vendors – and now the ball is in their court. This feature alone is worth its weight in gold.”

Improved Vendor Survey Response Rates: “Nvendor enables me to send personalized emails to vendors from my inbox for surveys. I like this piece because it encourages vendors to respond – they don’t think it’s a phishing email.” 

Improved Collaboration: With Nvendor, Christine can easily collaborate with project managers, committees, and vendor relationship managers. “Relationship managers are more involved in the process of vendor management. While I provide relationship managers with guidance, Nvendor streamlines our workflow.”

Objective Vendor Assessments: “I love the questionnaires in Nvendor. I don’t want to make vendor assessments based on my opinion. I want others, including our vendor relationship managers, to address questions I may not be qualified to answer.”