VendorWatch tm

As we all know, compliance with regulatory requirements is expensive, with costs that are a direct hit to your bottom line. And the larger the number and more complex the requirements the higher the cost of compliance in terms of additional employees, systems, processes and documentation. And nowhere are these requirements more time consuming and resource heavy than in the area of vendor vetting and monitoring. Today’s regulatory requirements in this area require much more than making sure the vendor is or is able to meet its contractual obligations. It requires assessing and managing the risks posed by your vendors in a number of areas including:

Management, Training and Personnel

Internal Control and Quality Assurance

Regulatory Compliance, Legal Liability and Corporate Governance

Financial Stability

Management of their Vendors

Data Security and Business Continuity

Doing so takes time and resources, resources which have the specific expertise to not only ask the right questions, but to also recognize deficiencies and recommend remediation of those deficiencies. ProSys has a team of industry professionals, including two attorneys, a CPA and a certified Information Technology partner, with exactly that expertise. ProSys has also established a nationwide network of experienced professionals to assist with onsite vendor audits, thereby limiting the travel time and costs associated with those audits.

In almost all circumstances, ProSys’ VendorWatchtm services can provide you with vendor onboarding and monitoring services customized to fit your needs at a lower cost than doing so in house. Through VendorWatchtm you will have secure access to all information and data, responsive correspondence and documents, GAP, financial and IT reports for each of your vendors.

We welcome the opportunity to provide you with additional information on our VendorWatchtm services, and show you how we can help improve your bottom line.