Chapter 7: Vendor Selection

Integrating a Decision-Making Checklist

Selecting a compliance screening system involves more than just evaluating technical features; it requires internal consensus across decision-makers and alignment with organizational objectives. This chapter offers strategies for navigating that process effectively. When selecting a screening system, use a structured checklist that weighs various factors. Assign positive or negative points based on specific criteria. Here's how to integrate this approach into your decision-making process:

Establishing Criteria

Begin by listing essential criteria for your screening system vendor. These can range from geographical location to technical capabilities and customer support. 

Real-World Application

Imagine a financial institution evaluating two compliance system vendors. One is U.S.-based, with high data accuracy and customer support scores but higher costs. Another is non-U.S.-based, more affordable, but with lower scores in support. The checklist helps the institution quantify these factors, guiding them toward a decision that balances cost with operational needs.

Incorporating Red Flags

Identify critical criteria and incorporate red flags that automatically disqualify vendors unable to meet your needs. If a vendor consistently scores low across critical criteria, it may indicate potential issues. For instance, consistently low scores in areas like support, data accuracy, or integration capabilities are significant red flags that might outweigh a lower cost.

Stakeholder Input

Involve key stakeholders from various departments early in the decision-making process. Each department may have unique insights and requirements, and their input can ensure the chosen system addresses all organizational needs.