Vendorly partners Secure Insight to mitigate wire fraud risk

Vendorly, a SaaS-based vendor oversight platform for financial institutions, has signed a reseller agreement with risk management company Secure Insight to help

This alliance furthers Vendorly’s offering of a solution for the lending and banking industries that helps mitigate ongoing risks associated with vendor management.

The Vendorly platform is a third-party risk management (TPRM) solution designed to help streamline vendor due diligence, maintain vendor documentation, and maintain, monitor and audit vendors. Vendorly has provided oversight of over 60,000 vendors in the lending and banking industries. Because a one-size-fits-all approach to recurring due diligence questionnaires is not always applicable, Vendorly offers customized levels of questionnaires and research specific to nearly every vendor type in the lending and banking industries.  Now, by working with Secure Insight, Vendorly also helps safeguard against wire fraud.

Integrating with the Vendorly platform, the Secure Insight tool helps protect Vendorly clients against wire fraud by validating settlement and closing agent wire instructions against its database of 80,000 vetted vendors. The tool also provides an easy-to-read, downloadable report that confirms the wire instructions match the account and it provides a risk assessment on the third-party closing agent.

By combining Secure Insight’s automated solution and its database of third-party closing agents’ wire information, Vendorly can provide its customers with protection against wire fraud risk in a more efficient manner. The Secure Insight tool also helps financial institutions adopt and align to TPRM best practices prescribed by federal regulators, including the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau.