TheMReport — News and strategies for the evolving mortgage marketplace.
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48 | TH E M R EP O RT TECHNOLOGY SPOTLIGHT KEY PERSONNEL Ben Hall VP, Product Steve Greenfield Director of Operations CONTACT INFORMATION 1000 Abernathy Road Suite 200 Atlanta, GA 30328 Steven.Greenfield@Altisource.com Vendorly.com COMPANY DESCRIPTION Vendorly ® , an Altisource® business unit, is an innovative, SaaS-based vendor-management platform designed to help financial institutions manage their vendors and meet their evolving vendor oversight obligations. The Vendorly platform can help to streamline vendor due diligence, document maintenance, monitoring, and audits. BUSINESS LINES, SERVICES, AND PRODUCTS Vendorly offers managed vendor oversight services, including due diligence, document management, annual assessments, information security assessments, financial condition reviews, and on-site audits. In addition to the software platform and operational support, Vendorly offers integrations with third parties. This gives Vendorly clients access to an array of due diligence requirements, including industry-recognized cybersecurity and TPRM questionnaire methodology, deep cybersecurity expertise, and industry-standard methods for mitigating third-party risk. KEY FEATURES/BENEFITS Vendorly helps simplify third-party risk management processes so financial institutions can manage vendor relationships and keep compliant with regulatory guidelines. For mature programs, Vendorly brings an extra layer of efficiency and control. For less mature programs, Vendorly provides complete outside- the-box solutions to jump-start a program of any size or complexity. COMPETITIVE ADVANTAGE Vendorly offers: • Vendor monitoring: Single repository and dashboard as well as document validation, due diligence, and storage/archival • Experience: With over 60,000 vendors registered, the Vendorly solution is used by their own Vendor Management team • Customization: Vendor due diligence created specifically for different vendor types, recognizing the various levels and types of risk which each vendor may present • Automation: Automated due diligence research with checks into the CFPB complaint database and OFAC • Strength: Backed by Altisource, Vendorly is poised for strategic growth with increased visibility in the marketplace ADDED VALUE TO CLIENTS Vendorly is focused on the overall lifecycle of vendor risk management. In the past year, Vendorly has collaborated with leaders in cyber- risk scoring and third-party risk management tools to allow for comprehensive oversight on third- and fourth-party vendors. Vendorly has embraced an agile methodology in order to be proactive to the demands of its clients. With recent releases such as Smart Questionnaires based on SIG methodology, an intuitive contract and integrated risk-assessment module, Vendorly continues to demonstrate its commitment to raise the bar in TPRM. Vendorly strives to provide the tools and expertise its clients need to help efficiently manage their third-party risk management obligations. INDUSTRY AWARDS, ACCOLADES, AND MILESTONES: Since its launch in 2016, Vendorly has: • Successfully onboarded 99-plus financial institutions • Grown to 35,000-plus users (vendors and customer users) • Customized 400 certification packages and 740 certification artifacts • Maintained 200,000-plus uploaded documents with an increase of 13,000-plus new documents per month in Q4 2019 • Executed 80,000-plus integrated compliance bots • Produced a Net Promoter Score of +75 • Delivered excellence with Vendor Monitoring Compliance Score of 97% as of Q4 2019 • Been named 2018 HousingWire Tech100 Winner TESTIMONIAL "With Vendorly, my staff is able to work in other areas of our organization and offset this cost while experiencing superior customer service. Vendorly's agile software adapts to our needs, and their consultative management team helps support the NTFN business model for continued growth." —Gary Mckiddy, CFO, NTFN Vendorly Sponsored Content