Safe Systems Vendor Management

Safe Systems Vendor Management is a solution designed to assist community banks and credit unions in effectively managing their vendors. According to the vendor, this cloud-based platform offers tools and services to assess and monitor vendor risks, ensure regulatory compliance, and streamline vendor management processes. It caters to financial institutions of all sizes and is utilized by professionals in banking, credit unions, compliance, risk management, and IT within the financial industry.

Cloud-based Platform: According to the vendor, Safe Systems Vendor Management is a cloud-based platform that enables users to access and manage vendor information from anywhere with an internet connection. The platform securely stores vendor data and ensures accessibility for authorized users.

Vendor Risk Assessment: Safe Systems Vendor Management provides tools for assessing and evaluating vendor risks. Users can create customized risk assessment questionnaires to gather information about vendors' security controls, financial stability, and regulatory compliance. The platform allows users to track and monitor vendor risks over time and generate reports to identify high-risk vendors.

Vendor Due Diligence: The platform facilitates the due diligence process by allowing users to collect and store vendor documentation, such as contracts, certifications, and insurance policies. Users can set up automated reminders for contract renewals and ensure vendors meet contractual obligations. The platform provides a centralized repository for vendor-related documents, simplifying access and information sharing.

Regulatory Compliance Management: Safe Systems Vendor Management helps financial institutions ensure compliance with regulatory requirements, such as FFIEC guidelines and industry standards. The platform offers templates and workflows to streamline compliance processes, including vendor onboarding, risk assessments, and ongoing monitoring. Users can generate compliance reports and documentation for audits and examinations.

Vendor Performance Monitoring: The platform allows users to track and monitor vendor performance against predefined service level agreements (SLAs). Users can set up alerts and notifications to address performance issues or breaches of SLAs proactively. The platform provides reporting capabilities for evaluating vendor performance over time and making data-driven decisions.

Integration with Third-Party Systems: Safe Systems Vendor Management can integrate with other systems and applications used by financial institutions, such as core banking systems and IT ticketing systems. Integration ensures seamless data exchange and eliminates manual data entry, enhancing efficiency and accuracy in vendor management processes.