We believe that efficiency is doing things right and effectiveness is doing the right things.
We believe that by treating vendors as business partners both efficiency and effectiveness is maximized.
We believe in vendor management that leads to partnerships while keeping you compliant.
Vendor Management: Product Overview
Passageways Vendor Management solution enables you to organize vendor information and contracts, collaborate with other staff on compliance tasks, analyze vendor costs and risks, and keep tabs on vendor performance.
Passageways is an exclusive CSS Strategic Alliance provider for Vendor Management.
Vendor risk management and consequent risk reduction is the key objective of all third-party risk regulations. In most cases, the compliance effort is limited to vendor due diligence document collection. However, the real value of compliance lies in evaluating these documents and assessing the risk of each vendor. This task is generally avoided for two reasons: lack of a consistent process and lack of time.
The Passageways Difference
Passageways was created with a passion for collaborative solutions. Our team is approachable, thoughtful, knowledgeable and committed to your success.
Passageways offers a level of service unrivaled by other software companies. We want you to succeed because we understand the importance of your project. The Passageways team will partner with you to understand your needs and business objectives throughout your Passageways experience. Starting with implementation, we will work together through planning, training and population phases to help you reach your objectives. Once your portal is live and employees are feeling its early benefits, the Passageways team will be eager to help you explore the next frontier for your Vendor Portal.
When you work with Passageways you are joining a family. We want you to feel as comfortable with us as you would with your family, and that is what sets Passageways apart. That is The Passageways Difference.
Vendor Management: Product Features
• A rigorous risk management framework includes ▪ Risk categories ▪ Objective-based scorecards ▪ Risk checklists ▪ Multi-tier assessment system ▪ Default templates
Other key features include
• Apply templates across all or similar vendors • Decentralize process through multiple relationship managers • Stay on top of vendor costs through contract renewal alerts • Eliminate blind spots through vendor review alerts • Choose how you want to be alerted: e-mail, text message • Central repository for all contract data • Store unlimited number of contracts • Identify internal and external points of contact • Highlight unique provisions, terms, or other clauses of interest • Audit trail of vendor modifications • Organize all documentation relevant to your vendors • Manage external personnel contact information • Designate and identify a vendor’s default points of contact • Quickly report on checklists, risk assessments, contracts, and spending
The Vendor Management Portal implementation timelines can run anywhere from 30-90 days depending on your goals or when you anticipate your next audit or exam to occur. Your Customer Success Manager will guide you through the implementation process to ensure your objectives are met and the launch of your Vendor Management Portal is successful.
"Passageways provides our staff with such an intuitive and well organized way to access the information and tools they need daily to perform their jobs and stay connected to the credit union environment."
"Passageways' portal and modules provide our organization with customizable, easy-to-use solutions that permit rapid implementation for a range of business processes."
Corporate E-Communications Coordinator