SRA Introduces Vendor Watchtower To Enhance Vendor Management For Financial Institutions
RICHMOND, Va. (PRWEB) July 24, 2018 -- Strategic Risk Associates (SRA) has partnered with Trust Exchange to deliver a cloud-based vendor risk management solution that integrates into ERM Watchtower. Vendor Watchtower, powered by Trust Exchange, dramatically reduces costs of compliant vendor management while improving overall risk management and generating Key Risk Indicators (KRI’s) for continuous risk monitoring of critical vendors.
Our vendor management solution solves challenges for many financial institutions to sustain compliance at a low cost and a reduced level of effort while adding value to their risk management processes. In addition, SRA’s expertise in vendor risk management enables us to customize implementation and ongoing support to meet client needs and requirements.
Vendor Watchtower benefits include:
- Automated continuous monitoring of compliance events, service levels, and data sources;
- An open Vendor Information Exchange that helps financial services companies share information and reduce internal expenses;
- Automated system communications between third parties and the financial institution;
- Third party portal for efficient document management and vendor interaction;
- Speedy, compliant and thorough vendor risk assessments (including “non-critical vendors”);
- Customizable alerts, reports, and dashboard reporting; and
- Vendor KRIs and KPIs integrated into ERM Watchtower
“Vendor Watchtower is designed to minimize efforts of vendor risk management while producing valuable key risk data leveraged for risk aggregation and executive reporting purposes. The solution fits the needs of both smaller financial firms and larger more complex institutions. We are excited to add another component to the SRA Watchtower Risk Ecosystem,” said Michael Glotz, Managing Partner and President of SRA.
About Strategic Risk Associates
Strategic Risk Associates is focused on helping financial firms measure and accelerate performance by aggregating and analyzing key business intelligence and optimizing informed risk taking. Team members have backgrounds as financial industry executives and regulators and decades of consulting and advisory experience supporting growth, quantifying risk, and designing best practice methods, workflows and processes for continuous improvement. For additional information about SRA or Watchtower, please visit http://www.ermwatchtower.com and http://www.srabank.com.
About Vendor Watchtower - Powered by Trust Exchange
An application built by experts with years of experience designing and implementing vendor risk management solutions and leading vendor programs at financial institutions. Vendor Watchtower is a cloud-based, regulatory-compliant solution designed to dramatically reduce overall cost and level of effort in managing third parties throughout the vendor lifecycle.
About Trust Exchange
Trust Exchange is a B2B information social network that uses data to help automate vendor management burdens. TrustExchange provides secure, highly flexible and user-friendly systems for third party monitoring with over 20,000 users and 100,000 companies on their platform. Team members have extensive backgrounds in financial services and the development of software for financial institutions. Trust Exchange focuses on delivering highly configurable solutions that enable clients to reduce the overall effort of managing third parties.
Michael Glotz, Founding Partner, Strategic Risk Associates, http://www.srabank.com, +1 8043176586, [email protected]
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