While you focus on your core offering, rely on RedKnot, as your Managed Services Provider (MSP) to help gain efficiency and reduce costs. These triggers may signal a greater need for evaluating whether leveraging Managed Services is right for your Organization:
- The pace and complexity of change exceed resource capacity levels.
- Significant change or investment is required to meet the demands.
- The time needed to develop what is needed internally is constraining short-term performance.
- Regulatory non-compliance or risk exposures are increasing.
- There’s an appetite to relinquish control to achieve organizational objectives.
- The needs, demands and requirements have outgrown legacy processes, systems and functions.
- Budget constraints restrict needed staffing and support.
RedKnot's Suite of Third-Party Risk Solutions:
Today, the vendor management function is governing and overseeing – more vendor relationships, as niche providers emerge and specialize; more technically complex risks; more requirements for vendors to meet …with less funding than ever before.
- RedKnot’s TPRM Managed Service can fully or partially augment your existing program ,or stand-up your new program and hand over the keys.
- Standard program capabilities include: Configuration and Population of the VendorRisk application, Vendor Segmentation and Risk Classification, Due Diligence Execution, Collection and Review of Required Documents and Gap Remediation.
- Ongoing risk monitoring is an important aspect of keeping our finger on the health of your third-party network, including reputational monitoring, management of expired documentation and third-party assessments.
- Contracts/Legal Agreement management helps tie Service Level Agreements (SLAs) to the contract renewal period.
- Onsite Reviews, Performance Monitoring and Work From Home Audits round out a fully cycle TPRM program.
- Financial Services Internal Audit and Exam preparation
- Regulatory Exam Preparation (CFPB, SEC, etc.)
- Cyber Risk Security Audits
- On-site/Physical Security Vendor Audits
- Work from Home (WFH) Audits
- Automated Clearing House (ACH) Audits
- Remote Deposit Capture Risk Assessment and Audits
- Wires Risk Assessment and Audits
For many business owners a transaction with a third-party could be the right answer for growth or exit. Growth through acquisition could mean strategic entry into a new market, mitigating competitive risk or realizing economies of scale. Or it could simply mean cashing out hard-earned enterprise value for retirement. RedKnot has supported clients on both sides of the deal.
- Buy-side target identification, integration strategy and diligence management
- Sell-side preparation and marketing, and due diligence support throughout the transaction
- Post-transaction integration for the newly formed company, including program management of the integration of people, processes, products and customers. RedKnot has played a key role in the largest banking acquisitions in U.S. banking history.