What is Tandem Software?
Tandem Software is a comprehensive third-party risk management solution designed to simplify and streamline vendor relationship management. This software is suitable for businesses of all sizes, including financial institutions and banks. Compliance officers, risk managers, and vendor managers in various industries can leverage Tandem's features to enhance their vendor oversight program and mitigate potential risks.
Key Features
Vendor Management: According to the vendor, Tandem offers a simplified and streamlined interface for managing vendor relationships. It provides a central repository to store and manage important vendor relationship details, and powerful reporting capabilities allow for time-effective access to vendor information.
Risk Assessment: According to the vendor, Tandem enables users to assess the significance of vendor relationships using a consistent questionnaire. They can rate each vendor's risk across customizable risk categories, including strategic, reputation, operational, transaction, credit, and compliance risks.
Contract Management: Tandem allows users to organize important information about vendor contracts in a central location. They can conduct complete contract reviews based on templates, and automated reminders help users stay informed of key contract dates.
Due Diligence: According to the vendor, Tandem automates the collection of third-party due diligence documentation. Users can create rules for required documentation based on relationship significance, and customizable questionnaires can be sent to contacts for secure submission of responses and documentation.
Reporting: Tandem offers more than 30 flexible reports to increase visibility into vendor relationships. These reports provide accurate and efficient details about vendor contracts, documents, and reviews, helping users make informed decisions about their vendor oversight program.
Event Tracking: According to the vendor, Tandem provides full insight into upcoming and past due oversight events through a calendar view, reports, and customizable email reminders. Users can track events such as contract expirations, termination notices, document expirations, and scheduled reviews.
Reviews: Tandem allows users to conduct, document, and report on various vendor reviews. General vendor reviews covering Quality of Service and Risk Management practices are available, as well as reviews for contracts and documents, including SOC Report Reviews and Financial Statement Reviews.
Downloads: Tandem enables the generation of consistent and professional documents. Users can create their own documents or filter Tandem-recommended documents, which are available in Microsoft Word and Adobe PDF formats.