Maple Street is launching a new service for clients – New Vendor Vetting Kits. These kits make new vendor risk assessments easier, faster, more effective and consistent with FFIEC best practices.
Using the kit, you’ll be confident in knowing who you’re contracting with from a risk perspective, and will be aware of any clear red flags. This information can be taken into final contract negotiations or applied in any ongoing monitoring efforts. The New Vendor Vetting Kit includes all the information and due diligence documentation needed to tell the story of who your new vendor is and provide a simple way to share all of the evidence to management, the board, auditors and examiners.
Our New Vendor Vetting service comes in two options: a full-service version for all critical and most important vendors, and a lite version for lower risk vendors with minimal due diligence documentation available.
Benefits of New Vendor Vetting Kits
- Know who you’re contracting with from a risk standpoint
- Easily avoid vendors with significant red flags
- Cover NCUA or FDIC requirements for a risk assessment for all new vendors
- Be consistent so vetting is done objectively and comprehensively
- Save significant time and resources
- Manage decisions and create focal points for contract negotiation with the vendor
- Get clarity on monitoring needs post-contracting
What’s included in the kits
Expanding on our Street Smart Vendor Review Kit tools, we added a comprehensive report from our partner Argos Risk as well as a detailed New Vendor Checklist to bring everything together.
FULL KIT INCLUDES:
- Street Smart Vendor Review Kit
- SOC review and summary
- financial review
- insurance summary
- OFAC pull
- Argos Risk Comprehensive Report
- General and background information
- Dun & Bradstreet Risk and Viability Rating
- Argos Risk Financial Assessments
- New Vendor Checklist
- Inherent Risk Rank Assessment
- Residual Risk Assessment Tool
- Place to manage all due diligence and vetting documentation, reviews, assessment notes and action items
Cost: $450 per vendor
LITE KIT INCLUDES:
- Argos Risk Comprehensive Report (identical to a standard kit)
- New Vendor Checklist (abbreviated version)
- Insurance comparison summary (identical to a standard kit)
- OFAC pull
Cost: $250 per vendor
How to order kits
Maple Street began launching our pilot of New Vendor Vetting Kits for select clients back in May and we intend to open the service up to all clients before the end of 2022.
The New Vendor Vetting Kits will be in CADi in the Project Tracker section. The review kit pieces, new vendor checklist and comprehensive report will all be available in this section and retained here for future needs, like reporting to management, the board, auditors or examiners.
For questions on the New Vendor Vetting Kit, please reach out to email@example.com.