FHLBank Topeka purchased ProcessUnity Vendor Risk Management (VRM) in April 2017 and went live with the software less than three months later. “The implementation went very smoothly for us,” commented Franks. “Because the solution is so easy to use and configure, we were able to do a lot of the set up ourselves. We’ve also been able to maintain the system and leverage new functionality with little support from ProcessUnity.”
During implementation, the project team was able to import the vendor inventory, user accounts and questionnaires—along with calculations— into the Vendor Risk Management platform with minimal effort. Working with ProcessUnity, the risk team quickly configured the vendor risk process workflows and notifications to align with the bank’s program.
The bank started realizing efficiency gains almost immediately. “The ProcessUnity VRM portal makes it easy for our business units to request a new vendor relationship,” stated Franks. “Plus, the automated workflows direct the right people to the right actions via communication tools integrated into the platform. We now have complete visibility into our vendors and their potential risks, so we can minimize operational exposure and manage our vendors.”
According to Franks, ProcessUnit VRM’s dynamic scoping and bulk automation features have been the biggest time savers for her team. The inherent risk assessment is set up as a questionnaire that vendor risk owners complete to determine the risk rating calculation. The system uses those responses to automatically scope assessments to include only those questions or sections that make sense for each vendor’s risk profile. Using the bulk automation feature, the risk team can initiate ongoing monitoring for a set of vendors with a few simple clicks, triggering automatic distribution of tailored questionnaires based on the dynamic scoping set up in the system.
“Thanks to dynamic scoping, a process that used to take most of a day can now be completed in less than an hour,” noted Franks. In addition, ProcessUnity VRM has simplified reporting by eliminating the need for tedious, time-intensive copying and pasting. All monthly and quarterly reports are set up in the system to show exactly how the bank’s vendor risk management program is performing—highlighting problem areas and prioritizing where the team needs to spend its time. These reports provide the details Franks needs to evaluate the program, demonstrate success to management, and prepare documentation for regulators.
“It’s not only faster and easier to do standard and ad-hoc reporting, but we’re able to report on more items and topics as well,” she added.