THIRD-PARTY RISK MANAGEMENT
Manage your third-party risk with Tandem
Companies are increasingly dependent on third parties to provide services. With this increased use of vendors comes the need for increased oversight.
Avoid complicated spreadsheets, manually updated calendars, and trying to organize files across network folders. Tandem provides a simplified and streamlined interface, designed to organize your vendor management program.
Manage and store your important vendor relationship details.
Combining a central repository of vendor data with powerful reporting provides time-effective access to the information you need to oversee your vendors.
Assess the significance of your vendor relationships using a consistent questionnaire.
Then, rate each vendor’s risk across a customizable list of risk categories (e.g. strategic, reputation, operational, transaction, credit and compliance).
Organize important information about your vendor contracts in a central location.
Complete contract reviews based on templates and stay informed of key contract dates with automated reminders.
Automate the collection of third-party due diligence documentation through Tandem (e.g., SOC reports, financial statements, proof of business continuity testing, etc.).
Create rules for required documentation based on relationship significance questions.
Then, send customizable questionnaires to your contacts have them securely submit their responses and documentation into Tandem. Monitor the status of your requests with built-in reports and email notifications.
Use more than 30 flexible reports to increase visibility into your vendor relationships and identify gaps in your vendor oversight program.
Based on the data stored in Tandem’s central database, these reports provide accurate and efficient details about your vendor contracts, documents, and reviews. Get equipped with the data you need to make informed decisions.
Gain full insight into your upcoming and past due oversight events through a calendar view, reports, and customizable email reminders.
Ensure responsible parties are aware of events such as contract expirations, termination notices, document expirations, and scheduled reviews.
Conduct, document, and report on a variety of vendor reviews, including a general vendor review, covering Quality of Service and Risk Management practices.
Reviews for contracts and documents are also available, including templates for SOC Report Reviews and Financial Statement Reviews.
Use Tandem suggested review templates or create your own for any specialized reviews you conduct.
Generate consistent and professional documents effortlessly.
Create your own or filter Tandem-recommended documents to export the right amount vendor data to share with senior management, board of directors, auditors and examiners.
These customizable documents are available in Microsoft Word and Adobe PDF formats.
- Visualize your risk exposure with charts and graphs
- Assign responsibility and various levels of access to users
- Store unlimited vendor records and related files
- Access vendor contact information on-the-go through the Tandem mobile app
- Add as many user and administrator accounts as needed
- Identify missing or incomplete vendor data with reports
- Set up email reminders for contract and document dates
- Create and monitor the status of tasks assigned to users
Frequently Asked Questions
Yes. Tandem provides template language in the software that we call “suggested content.” This includes suggested review templates for contracts, SOC reports, financial statements, general performance, etc.
Tandem also includes suggested significance questions and required document types to help you determine applicable due diligence to request from your vendors. You can use our suggested content as a starting point, and quickly adapt the language to fit your company’s unique requirements.
Beyond the content, the vendor oversight framework provided by Tandem is significantly more effective than typical Excel or Word templates.
Tandem consolidates and streamlines the vendor oversight process into one easy-to-use platform, eliminating much of the “busy work” of vendor management.
Yes. Tandem Support is available 8:00 AM – 5:00 PM (CT), Monday through Friday to answer your questions about Tandem application features.
For help with establishing or executing your vendor management program, check out our partners who can provide vendor management consulting.
You are also invited to attend our annual KEYS conference to connect with other users and learn from Tandem experts.
Tandem Support is pleased to offer complimentary training webinars twice a month for our customers, and recordings of those training sessions are available on-demand.
A Knowledge Base is available with articles to help you learn about Tandem. You can stay up-to-date on our latest features by subscribing to our Software Update emails.
Personal training is also available by request for an additional fee.
Yes. Tandem maintains high marks through the following testing: SSAE 18 SOC 1 Type 2, CompTIA Security Trustmark+, internal audits and assessments, quarterly penetration tests.
Security controls include:
- Secure data transmission between your browser and your servers
- Data encrypted at rest using AES-256
- User passwords are hashed and salted
- Datacenter protected by firewall and intrusion detection/prevention systems (IDS/IPS)
- Redundant Internet connections
- Multifactor authentication options
- Single Sign On (SSO) integration using SAML 2.0
- User activity log
- User access roles/restrictions
Tandem products are delivered via the Internet as Software as a Service (SaaS) applications. Tandem can be accessed from any device with a modern browser. No software installation or special equipment is required.
New features and updates are included with your annual subscription and automatically available. Each new feature is documented in our Software Updates blog.
Yes. With a single login you can manage several companies' vendors (requires a subscription for each company).