Company News, Case Study

Cumberland Building Society selects Brooklyn Vendor Assurance to automate the Vendor Management Lifecycle and Regulated Outsource Compliance Framework.

Jesse Lee 3 weeks ago

Cumberland Building Society selects Brooklyn Vendor Assurance to automate the Vendor Management Lifecycle and Regulated Outsource Compliance Framework.

Cumberland Building Society has selected Brooklyn Vendor Assurance as its Enterprise Vendor Management solution, deployed within a secure SaaS environment.

The Cumberland Select Brooklyn

Cumberland Building Society will implement the Brooklyn solution to create a central contract and commercial management repository. This partnership empowers The Cumberland to apply high degrees of automation across the Contract and Vendor management processes, from basic contracts to comprehensive PRA Outsourcing regulation policy (PS7/21) compliance management for any material outsource agreements.

Brooklyn provides a single end-to-end view of supplier relationship performance for services and change projects. Orchestrating dynamic management of contract obligation reporting, regulatory compliance, commercial and service performance, enabling a high degree of proactive governance and risk management across The Cumberland, the Regulator, and the entire supply chain

The Brooklyn solution will enable The Cumberland to maximise the return on investment of all suppliers and their overall business outsourcing transformation strategy.

“We selected Brooklyn as our primary solution due to its unique ability to apply high degree automation across our contract and vendor management function. With the Brooklyn solution, we will embed our existing processes into the platform and further automate and scale best practices to assure governance, compliance, contract and risk management across our entire supplier base.”

James Power, Head of Procurement at The Cumberland

Jesse Lee, CEO and Co-Founder at Brooklyn Vendor Assurance, said: “The Brooklyn team are extremely pleased to partner with Cumberland Building Society as their preferred vendor management solution. The Brooklyn solution is purpose-built for exactly the integrated, holistic, centre-led approach to vendor management and regulatory compliance that The Cumberland holds up as best practice. The Brooklyn license and services will drive The Cumberland’s “Digitally Fit for Audit” status in compliance with PRA(Prudential Regulatory Authority) Outsourcing Regulation Policy (PS7/21) and Supervisory Statement SS2/21, FCA Handbook Systems and Controls (SYSC8), and supply chain governance mandates contained within the EBA (European Banking Authority)’s regulatory guidance under Title II, III, and IV.”

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About The Cumberland

Based in Carlisle, The Cumberland is the UK’s 10th largest building society, serving over 180,000 customers throughout Cumbria, South West Scotland, North Lancashire and Northumberland via its digital channels, Carlisle-based call centre and network of 34 branches.

Founded in 1850 and with assets now exceeding £2.8 billion, The Cumberland offers award-winning mortgages for residential and commercial borrowers, and banking services for both personal and business use. The Group also includes a vehicle finance subsidiary.

About Brooklyn Vendor Assurance

Brooklyn Vendor Assurance is a trusted out-of-the-box SaaS solution purpose-built to redefine the customer-supplier relationship. We enable businesses to maximise value for money and absolute compliance at lower risk through post-contract best practices across all commercial relationships.

Our Award-winning solution digitally transforms organisations current approach to post-contract optimisation introducing a streamlined solution for Relationship, Contract, Risk and Compliance management and ESG, resulting in ROI within three months.

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