Vendor management is a compliance issue financial institutions must address. Berkshire has a dedicated team that works with clients to help them to understand, organize, and track the dozens, if not hundreds, of simple and complex arrangements they have with third party relationships.
We accomplish this by first assessing where the client stands with regard to vendor management infrastructure, policies and procedures, and personnel. We then assist the client in filling gaps and establishing needed infrastructure.
We can either assist client in performing its own ongoing processes for setting up and monitoring vendor relationships, or we can act as a provider of vendor management services. As a part of its vendor management services, Berkshire will perform the following:
- Vendor Audit
- Set-Up vendor management platform
- Complete vendor initial due diligence / risk reviews
- Report on analysis of vendors
- Perform on-going monitoring and annual Reviews
We make available to our clients a power vendor management platform that offers the following advantages:
- Automated Process Re-Engineering
- Fully Outsourced Solution
- Web-Based SaaS Applications
- Unlimited Users/Storage
- Continual Reporting
- Complete Analysis Report on Each Vendor
- Ongoing Monthly Status Service