Challenge
Virginia Community Capital Social Enterprises had managed vendor data using Excel spreadsheets, and had a particular challenge with discovery. They had people throughout the organization contracting with vendors, without a centralized system in place to track all of the required details and documents. The department managers were tasked with doing assessments and evaluations for their individual vendors, but the information was not easily accessible or visible to the Vendor Relationship Manager. This made preparing for audits and examinations unnecessarily time-consuming and tedious.
“Complying with regulatory requirements is always a focus for any financial institution. We continue to improve our vendor oversight process and compliance requirements by using Trust Exchange which makes it that much easier,” said Greg, Vendor Relationship Manager at VCC Social Enterprises.
Solution
VCC Social Enterprises worked with Trust Exchange as their partner to implement essential improvements to enhance their vendor risk program.
“Working with Trust Exchange has been a beneficial partnership. The combination of listening to our needs and providing expert advice has allowed us to move forward confidently using their platform.”
VCC Social Enterprises worked closely with Trust Exchange’s team of experts to create a customized solution, using a combination of Trust Exchange’s provided templates and custom systems set up by the VRM for organization and monitoring.
Result
Since using Trust Exchange’s platform to help automate their processes and organize and centralize their information, VCC Social Enterprises has realized huge benefits. Vendor information is centralized on an easily digestible dashboard, with all real-time updates visible on a timeline.
Due to the ability to grant selective permissions and visibility, the VRM was able to create an internal network where he can have department level vendor managers assess their own vendors, and send and receive alerts and messages to delegate internally. All actions within the network have an audit trail, for easy access come examination time.
“Trust Exchange provides us with the ability to quickly onboard new vendors, determine their level of risk and track all required documents. All internal stakeholders have access to view and update vendor information, issues and performance metrics.”