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US 2020/0027097 A1Published application
Systems and Methods for Management of Relationships with Third Party Vendors
OwnerScott Sargentinventor
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Abstract
Disclosed herein are systems and methods for managing third-party vendor relationships. Embodiments provide a single source to address and manage third-party vendor relationships from beginning to end. Various exemplary embodiments include a pre-engagement phase, a risk assessment phase, a due diligence phase, a contracting phase, and a monitoring and reporting phase. The subject matter disclosed herein can assist entities with compliance of their regulatory obligations.
Claims18
A method of managing third-party vendor relationships from a single source comprising the steps of:
- conducting a pre-engagement meeting with a client;
- conducting a risk assessment phase, wherein a vendor management entity determines and reviews the client's applicable regulatory categories and the vendor management entity further analyzes the client's risks associated with current or proposed vendor relationships;
- conducting a due diligence phase, wherein the vendor management entity performs a due diligence review of a third-party vendor;
- and
- conducting a monitoring and reporting phase, wherein the vendor management entity provides monitoring and reporting of the third-party vendor's compliance with applicable regulatory requirements.
2 more elements
A centralized system for managing third-party vendor relationships comprising:
- a vendor management entity;
- a client;
- a third-party vendor;
- wherein the vendor management entity provides a vendor management service;
- and
- the vendor management service comprises one or more of the following:
- a pre-engagement phase, a risk assessment phase, a due diligence phase, a contracting phase, and a monitoring and reporting phase.
4 more elements
Dependencies are inferred from the claim text.