July 19, 2023

Services Spotlight:

RiskRaptor

Vendor Management Program

Is Vendor Management taking an inordinate amount of time and personnel at your bank?

Are you tying up your CFO or senior lender with financial reviews of the bank's technology service providers?

Did you buy an automated system that was supposed to make this task easier, but now you find yourself feeding this vampire-of-a-system that requires expensive resources that could be deployed elsewhere?

We hear you and we can help!

Last month, the FDIC, FRB, and OCC collectively issued their final interagency guidance on managing risks associated with third-party relationships. The principles detailed in the new guidance replace each agency's existing guidance on the topic, giving a more consistent regulatory approach to managing the risks associated with third-party relationships. If the team at your bank is struggling to find enough time and resources to devote to your vendor management program and address the recommendations in the latest guidance, our RiskRaptor Vendor Management Program can help.

Features and Benefits

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The 14-point RiskRaptor Vendor Management Program is designed to provide oversight of your bank's critical vendors in accordance with current banking laws, regulations, and guidelines. It allows your management team to establish sound business practices for vendor evaluation, selection, and management.

Let our team facilitate the annual reviews and assessments required by regulatory agencies. We take the burden off your personnel who have been saddled with the time-consuming and complex task of monitoring vendor health, stability, security, and the related risk. Our experts facilitate Vendor Financial Reviews, SOC Report Reviews, Vendor Management Risk Assessments, and Contingency Vendor Identification in a practical and professional manner, with solid documentation suitable for presentation to your board.

We also include regulatory guidance on vendor management as a volume within the program so that applicable laws, regulations, and guidelines can be easily referenced.

What makes the RiskRaptor Vendor Management Program different from all the rest?

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The RiskRaptor Vendor Management Program is ...

Designed to provide a practical and cost-effective approach to vendor management.

Easy to administer and understand.

Balanced to increase your financial institution's efficiency while helping to comply with laws and regulations.

Backed by a firm that can provide expertise, consultation, and support on the vendor marketplace, vendor due diligence, contract terms, pricing, and regulatory expectations.

Proven to reduce the number of hours spent by your staff on vendor management and yet improve your bank's compliance, risk management, and exam performance.

Are you ready for a better approach to vendor management?

Click Here to Learn More

It's time for a change!

Click Here to Request a Proposal Online

Sawyers & Jacobs LLC, leaders in Innovation-Risk Management-Cybersecurity-Technology through our four brands.

RedTorch Consulting: Lighting the Path to High Performance

Strategic consulting designed to align people, processes, and technology for world-class innovation, management, and operations.

RedTail Risk Management: Watch Risk Like a Hawk

A suite of risk management services designed to help bankers identify threats and mitigate risk through practical applications, comply with laws and regulations, and maintain a high level of customer service, security, and profitability.

RedWolf Cybersecurity: Protect the Pack

A full range of cybersecurity services for those serious about securing the enterprise and repelling the attackers who threaten the bank and its customers.

RedCape Tech Support: Your Hero in Tech

Concierge-level tech support delivered in a strong, intelligent, and friendly manner with premium quality, superior service, and special attention.

For more information, visit sawyersjacobs.com, call 901.853.1000,

or email jsawyers@sawyersjacobs.com.