March 23, 2020
So, we all have new work environments. We are working at home and relying on our partners’ technology and services to be secure and deliver the contracted functionality. Yet, in this new world, how are enterprise wealth firms making sure these partners are keeping their end of the bargain? Why do I ask? Because vendor management cannot look like what it does now. It cannot be spreadsheets. It cannot be the disparate experience it is now. Let’s take a minute and think about vendor management, both the underlying technology and methodology.
So, how are we tracking those companies we are working with, and allowing into our workday eco-systems? Oh, and, we are also allowing them into our homes, as we are working off our local networks. So, we have outlined the need. Let’s explore what we see as a robust solution.
We had already seen enterprise wealth vendor management as a primary focus need for 2020, before this pandemic. This need for better vendor management was validated at our recent Compliance/Cyber Roundtable at the end of February. So, while we have been building out an SEC/FINRA centric vendor management framework for our customers, we have also been reviewing vendor management platforms.
One vendor management platform that Beacon thinks is top tier is Privva. While most of you know that Beacon spends a great deal of time reviewing solution providers and hosting roundtables, we also do a great deal of Request For Proposal (RFP) work. We found the Privva platform so useful that we decided to use it for our reviews of solution providers and RFPs.
Why do we like the Privva Vendor Management Platform? Four key elements drive our thinking. These are not in priority order, but they are:
- An easy to use, and visually appealing platform that consolidates the vendor management exercise.
- The ability to have a library of templates that can measure solution providers (vendors) both in an upfront due diligence capacity and then in an ongoing vendor measurement capacity. Additionally, your firms can expand beyond the standard SIG Lite and broaden how you measure your partners.
- Remediation management and communication can be performed directly through the platform developing an audit trail of the findings.
- The vendors themselves are invited to the platform to respond to the assessments and supply supporting documentation.
For some time, we have believed that vendor management should be more than just a security and financial check. We feel that ongoing vendor management should be the basis of your vendor relationship management methodology. So, we encourage you to check out Privva.com
Furthermore, if you have any questions on how to upgrade your firm’s vendor management capabilities, send me an email at firstname.lastname@example.org.
– Chip Kispert