New Vendor Selection package
Maple Street announces New Vendor Selection package
Successful institutions usually have solid processes when selecting, vetting and contracting with a new vendor. Although exciting at times, more often partnering with a new vendor can be extremely stressful and frustrating. But it may be the most important piece of vendor management. No amount of ongoing monitoring will fix a poor vendor selection or improve a one-sided contract.
Maple Street now provides a complete, end-to-end New Vendor Selection package for critical and important vendors. The package includes our due diligence summary services as well as a set of optional forms that can be used in each phase of a new vendor project. This package is meant to give you the tools and techniques to effectively select, review and contract with a new vendor to achieve the best results and assure complete compliance with your regs.
If you have adopted our policy and procedure templates in the last three years or experienced our negotiation services, this package directly mirrors the recommended best practices from Maple Street and FFIEC guidance.
Street Smart Vendor Review Kit included
The New Vendor Selection package includes our Street Smart Vendor Review Kit, completed by Maple Street, to significantly shortcut the time it takes to assess vendor due diligence documents.
- SSAE Review Summary
Lists all auditor findings in a simple list, notes 4th Party vendors and summarizes all control considerations (or “UCC’s”) for easy review and internal validation.
- Insurance Summary
Compares the vendor’s insurance coverages and policy mix against the best-of-breed, direct competitors for the same services.
- Financial Review Summary
Our standard financial analysis, including common ratios with guidance on what is good/bad/standard for a fast, clear assessment.
- OFAC pull
Standard check against the OFAC list to assure the vendor is not on it.
Vendor Management best practices made easy
Also included with our New Vendor Selection package is our set of standard forms that are a part of recommended vendor management best practices. They help demystify the selection and review process, in relation to compliance. The forms are concise but make certain every “i” is dotted and “t” is crossed, without burying you and your team in minutia and irrelevant tasks. They also provide consistent, ready-to-use tools so your project team can hit the ground running and isn’t spending its time creating and formatting documents.
- Business Case Template
Loosely based in the Harvard Business Review format, the template gives the project team a method of defining the needs and zeroing in on what the problem is a new vendor will solve.
- New Vendor Checklist
This is a detailed checklist to make certain all compliance-related pieces and parts in a project are being covered. The checklist expands and contracts with more items, directly based on the risk of the services being contracted.
- Mutual Nondisclosure Agreement Template
For use whenever information is shared with a prospective vendor, this MNDA written by our attorneys is simple to use and makes sure any information shared between you and the vendor is protected.
- Reference Checklist Template
Ready to use right out of the box, this allows you to check a vendor’s references in a consistent, comparable way, with standard questions you would want to always ask.
- Contract Terms Review Template
Based in our and the FFIEC’s recommended best contracting practices, the checklist is used to compare what terms you should negotiate into your vendor contracts with what is actually there before you sign, with sections to track and manage during and monitor after contract signature.
- Exit Strategy Questionnaire
A great tool to see what will eventually happen at the end of the contract term, this is meant to ask and answer the big questions before you contract, so any termination costs and landmines can be set while you have the most leverage.
We also offer optional forms for complex technology platforms. These forms are meant to help assess risk specific to vendors that are critical to operations and could pose a big cybersecurity threat.
- Business Continuity Plan Checklist
Examiners want to see institutions are very detailed in reviewing vendor continuity plans so they can be integrated into their own. Part of this is being able to consider this is understanding if the BCP you have from a vendor is detailed enough to use in your own planning.
- Cybersecurity Contract Review Checklist
Designed to cut to the bone of the contract terms and specifically and comprehensively identify those terms that are crucial in mitigating your institution’s cybersecurity threats when contracting with the new vendor.