Ncontracts

““If one of the 17 items in the NCA doesn’t apply to your contract, you simply remove it from the scorecard, instead of having all of these fails for things that aren’t applicable.””

““I love the cyber monitoring function. It intertwines nicely from an information security perspective. I’m very heavily invested in what’s happening with our vendors.””

““The package that I created for the board meeting this year was much more robust. I love the ability to provide the Vendor Risk Overview report for all of our managed vendors.””

““It makes me feel better as the ISO and the vendor management coordinator, knowing that I have provided more information than ever before.””

““If I send out a request for vendor documentation, it just gets trashed since the vendors don’t know me. Now I assign due diligence questionnaires to our relationship managers, and they contact the vendor to get the documents.””

““Before, I had to review all those documents myself. We definitely get our money’s worth on the professional services. I can’t expect every vendor manager to know how to read a financial statement or a SOC report.””

““When we saw Nvendor and Ncontracts’ focus on banking regulation we were excited. The products were built specifically to meet regulatory guidelines and ease the burden we face as banking professionals. A few minor tweaks, and we were ready to go.””

““This year we actually changed our vendor management terminology to ‘third-party risk management’ to demonstrate that we’re aware of the guidance and working to comply.””

““The tools and workflows were not intuitive. And system updates often broke the workflow, but you didn’t know until you tried to update a file. It was very frustrating.””

“"What the return on investment looks like for me is usability and being able to capture all that information as well as great customer service and everyone listens and everyone's willing to improve and that's great."”

“"I really see that exploding because if we're going to really assess all of our fourth parties — you take vendors that have 20, 30 sub-processors — you're going to be managing various amounts of those. So it's going to expand a great deal going into next year, no doubt."”

“"We're crafting questionnaires, sending those questionnaires out to individuals, getting information back from not only the vendors themselves, but the other employees that we work with as well," Jason said.”

“"Managing risk, documentation storage, that's how I use Venminder on a day-to-day basis...We've centralized the program within Cogent. We still have all the individuals that are liaisons between the bank and the vendors and they use Venminder to document all the responses and all the documentation and any kind of variances."”

“"We're able to quantify why we went in a direction and can show our regulators a third-party risk management program that is consistent. Reporting is a cornerstone in third-party risk management. If you're managing the program and you don't have good reporting, how can you track anything?"”

“"Some of the driving factors that led us to go toward Venminder is the reporting. The interface, the ease of use, the customer service — that was huge," Jason said.”

“"It's not just about learning more about the system, what's coming, and asking questions to the staff. It's about being able to collaborate with others in the industry. We're even planning to have a monthly collaboration session in the future — and that, in itself, is worth every dollar."”

“"Do other demos and research, but get references, talk to people that have been in the system and utilizing it because you are going to quickly realize the value not just with the [Ncontracts] products, but with the people."”

“"Having a system that can grow and mature with us is important and having all the data in one place rather than all the other systems is super important to us."”

“"They've asked for additional feedback, which means everyone really cares, and that goes a long way with me."”

“"Even with our senior leadership — for them to understand and for us to have that accountability from the top down, that's also been a big improvement.””

“"They understand why we ask for what we ask — not just because we want to request a bunch of different processes and procedures to be followed, but the why behind it."”

“"We can really understand how our vendors are performing, hold them accountable, and track our incidents."”

“"The onboarding process has really helped us ensure we're gathering all of the information needed based on the risk for that type of vendor. We're not collecting or requesting documents that we don't need to request and holding up that process."”

“"100% we're saving time because we can do everything in the system rather than having to send multiple emails back and forth to vendors. Not only do we track it and it's already there, but we also don't have to go searching through our email.”

““Just the skill, the professionalism, the care, the listening to what our needs were… It is so intuitive and so user-friendly and easy to manage.””