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We recently had the opportunity to sit down with Gavin Mac Carthy and Chris Kane, the creators of vendor management software platform VendorRisk. One of the first things we learned is that the duo, along with their partner Al Shaw, didn’t originally set out to build a vendor management software platform. Rather, when the company started in 2000, they originated as a web development shop and built out websites for clients in the banking and entertainment industry.
Fast forward to 2008 and they hit an inflection point in the business. At the request of a large banking client, Gavin and Chris created the very first version of their vendor management software, VendorRisk. As their banking client’s needs evolved, and they received interest from other banks wanting software to manage their vendors, the company pivoted its focus from designing websites to creating a robust yet simple-to-use system for managing vendors and contracts.
“The initial driving force behind VendorRisk was regulation in the banking industry,” said VendorRisk Co-Founder, Gavin Mac Carthy. “The Consumer Financial Protection Bureau set out a number of requirements banks, credit unions and other financial institutions needed to follow to manage risk with third parties. So our clients needed to put a system in place to bring everything together to manage compliance, provide complete transparency and prove their compliance to examiners.”
The company focused on designing the solution to be comprehensive yet flexible and intuitive. They worked closely with various clients to understand their vendor management needs, and then create a series of modules that would enable their clients to:
centralize vendor profiles and contracts,
facilitate competitive RFPs and solicitations,
perform vendor risk assessments,
conduct pre and post-contract vendor due diligence,
track SLAs and incidents, and
actively monitoring and supervising vendors throughout the relationship.
Chris noted how important it was to use a modular approach when designing the application. “There are no set-in-stone rules to vendor management,” said Kane. “Clients are of various sizes and have a variety of different needs. We wanted to ensure VendorRisk could evolve to meet the most complex of needs when needed, yet also be scaled to support the very basic needs of our smaller clients.”
Today, VendorRisk is used by over 150 organizations both domestically and internationally. The company is growing through both direct sales, and through strategic relationships like the one they have with Vendor Centric.
If you want to hear more, listen to the full interview on our Rethinking Vendors podcast titled VendorRisk Part 1: The Story Behind their Hugely Successful Vendor Management Software.
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Fans of the podcast can contact firstname.lastname@example.org to provide feedback and ideas for future episodes.
For more information about our vendor management software and services, contact Vendor Centric’s Director of Business Development, Paul W. Schrantz at email@example.com or visit us at vendorcentric.com.
Vendor Centric specializes in helping organizations create and mature the policies, procedures and systems they use to manage their important vendor relationships. Learn more about our vendor management software and services.