has announced the launch of its Contract Management feature to enhance insights into contract terms, performance and spend analysis within the vendor management solution. Contract Management is available as a new feature for existing customers using the Vendorly platform, or as an independent software-as-a-service (SaaS) offering.
In a Vendorly survey conducted earlier this year, 44 percent of banking and mortgage professionals surveyed said their organizations were responsible for managing at least 100 vendors. When asked how often their organizations monitor and assess vendor performance, 30 percent of respondents said annually. With the addition of the Contract Management feature, Vendorly makes it easier to gain valuable insights into contract terms, performance and spend analysis of third-party vendors. Financial institutions can proactively manage key metadata within a contract and create action date triggers to automate reminders to help avoid missing renewal and other relevant dates and terms.
"Contract management is an essential component of a robust third-party risk management (TPRM) program because many controls and best practices stem from the contract language," said Jim Vaca, Senior Vice President of Vendorly. "As TPRM gains more focus from the C-suite, it is important to offer insight into the vendor contracts to help mitigate contractual and compliance risks by ensuring that relevant contract clauses, such as indemnifications, performance levels and assignment terms, are in place and managed appropriately. Having a single-vendor contract repository with reporting functionality will enable insight into not only vendor spend, but the contract terms and associated requirements."