Efficiently managing vendors is not only critical to maintaining a competitive advantage, it is a regulatory requirement. Examiners are now requiring lenders to demonstrate compliance with vendor management regulations. Collateral360 makes it easy to manage, monitor, and measure the performance of your third-party vendors. It also simplifies the workflow between your institution and the various suppliers you engage, including:
- Environmental consultants/engineers
- Title agents
- Law firms
- Other 3rd party vendors
Your Collateral360 dashboard gives you a snapshot of real time statistics on your vendors.
Monitor Vendor Qualifications – easily manage and monitor all licenses, certifications, and insurance policies required of your vendors. This ensures that any vendors who are not licensed will not complete any work for your institution.
Vendor Scorecards – a key regulatory requirement, grade your vendors based on performance, service, and quality. You can also manage vendors’ geographic coverage area, area of expertise, and scope of work.
Reporting Capabilities – instantly pull reports associated with vendors to capture costs, turnaround times, average scorecard grade, etc., giving you the ability to make informed
decision, and satisfy examiners.
Engagement Letters – easily generate and deliver engagement letters, making it easy to communicate and document important variables on each project. Information is auto-populated within seconds from information already in the system, saving time and money.