BankerVMS is a central data repository for bank vendor information and the business processes related to managing those vendors. Using a dashboard interface, BankerVMS provides easy-to-interpret information on each vendor in the categories of contracts, risk, cost, documents outstanding and board information. For example, in the cost category, if a bank wanted to assess its spending with a particular vendor versus that of its peers, BankerVMS provides the ability to compare fee ranges by product type and trends to the national average and to banks of a similar asset size.
âManaging all of the vendors that contribute to the operations of a bank is too challenging of a process to do effectively with hard copies=2 0and file folders, said David Brasfield, CEO of TriNovus. âThe amount of information is so voluminous that bankers canât get a sense of the big picture without some sort of management tool. BankerVMS is that tool,â he said
Brasfield added that as the FDIC increases its focus on banksâ third-party vendors, it is more pertinent than ever that the institutions have a solution in place to manage those relationships.