Vendor Introduction Tutorial

With the explosion of vendor management as an application for our platform, we thought it might be a good idea to revamp our company signup and claiming interfaces.  We're experiencing a large spike in vendors signing up (it's FREE...join HERE) and claiming their companies.  

It's simple...

Vendor Introduction

The Humanitarian Side of Vendor Management

BDP International, a Trust Exchange customer, explains in a recent report how our platform is uniquely designed to monitor and investigate its vendors, partners and customers, ensuring all are compliant with international policies on anti-corruption and anti-trafficking.  The article, Special Report on: Human Rights, published by Ethisphere Institute, highlights the continuing issue of human rights violations around the world, and cites several organizations, including BDP, who are taking a proactive approach to addressing these challenges.   

"The private sector has an ability to positively combat [human rights] challenges through creating and enforcing proper policies, engaging with governments and NGOs focused on ending these abuses, and working together to ensure suppliers, partners and other stakeholders are aligned with similar goals," says Stephen Linssen, Chief Compliance Officer of Ethisphere.  "By its nature, exact data and metrics around forced labor and other abuses are hard to come by, but reports by the U.S. Department of State and Human Rights-focused NGOs estimate that more than 20 million people worldwide are forced to work against their will and without compensation."

So how exactly is Trust Exchange, a compliance/vendor management software, helping combat human rights violations, you ask?

By providing unique, real-time means for companies to investigate and monitor their business partners.  BDP is committed to ensuring that its organization, partners and vendors adhere strictly to anti-corruption and anti-human trafficking policies, and depends on Trust Exchange's customizable compliance platform to do just that.

"We rate partners through trust certificates benchmarked against best practices in the industry", says Catherine Muldoon, Chief Legal Officer of BDP International, Inc. in the article entitled "The Logistical Approach".  "[With G2Link] monitoring is automated consistent with the policy requirement we created. Thus, we maintain oversight in real time and are alerted as soon as behavior deviates from policy requirements."

BDP and Trust Exchange aren't alone in their commitment to combat human rights violations.  The co-author of "The Logistical Approach" is Caitlin Smith, who is completing a concentration in Business and Entrepreneurship Law at Drexel University.  

Read the whole thing:  A Special Report On:  Human Rights

If you would like to learn more about how we can help you manage vendors more effectively, Contact us HERE. 

Webinar Recap: Credit Union Vendor Monitoring

Yesterday, our partner AuditLink, hosted their 3rd webinar in a 5 part series discussing how Credit Unions can more effectively comply with Vendor Management regulations.  The webinar was hosted by Jim Vilker, the VP of Professional Services at AuditLink and focused on the monitoring requirements in the regulations.

Jim opened by reviewing the latest vendor management guidelines and requirements published by the FFIEC and OCC (OCC Bulletin 2017-7) .  The key takeaway was the new monitoring requirements add a significant amount of work that must be done in order to effectively monitor vendor performance and compliance.  The additional cost associated with these new monitoring requirements can be significant as the increase in the amount of work required has increased exponentially. The only way to scale this is through automation.   AuditLink uses the Trust Exchange platform for vendor management and to automate their monitoring thus significantly reducing the direct and indirect costs of vendor monitoring compliance.   

He also discussed responding to alerts generated through the Trust Exchange application, what they mean, their criticality and best practice actions.  Prior to taking questions, Jim demonstrated some of the key features in the Trust Exchange dashboard.  The dashboard is designed to provide key vendor compliance information at a glance.  

The Trust Exchange is a community of businesses who securely disclose and monitor key information to increase their trust in each other.  Compliance is a key application for our platform and we are redefining how credit union vendor management should be done. To learn more about how we work with partners like AuditLink to solve compliance problems in many industries, follow the contact link below.

Focus: The Cost of Vendor Management

We're co-hosting an event with our partner Audit Link this Wednesday, March 29th from 11to 11:30 ET.   The web conference will focus on the cost of Credit Union Vendor Management.   There will also be q & a with Jim Vilker, VP of Professional Services and Edward Sullivan, CEO of TrustExchange.

The webinar will cover the following topics:

•FFIEC and new OCC guidelines and requirements

•Responding to Alerts or expired/updating due diligence

•Periodic reviews and reports

•Non-responsiveness

•Business decisions

•Performance

•Contracts

• Report to management significant findings

•Report to Board on significant findings

•Keeping up with the changing regulatory environment

The Trust Exchange is a community of businesses who securely disclose and monitor key information to increase their trust in each other.  Compliance is a key application for our platform and we are redefining how credit union vendor management should be done. To learn more about how we work with partners like AuditLink to solve compliance problems in many industries, follow the contact link below.

More details can be found HERE.