Welcome to Sitrant Wealth Management’s Vendor Information page. The Sitrant Wealth Management Procurement team is committed to developing relationships with our vendors that help drive efficiency and profitability across Sitrant Wealth Management, including our subsidiaries and affiliated entities. Sitrant Wealth Management awards business to its vendors through a competitive process that seeks the best overall value for Sitrant Wealth Management. Your products and services directly impact our business, and we base our procurement decisions on quality, experience, capability, local community commitment, price and relationship. The best relationships are built on active management, including ongoing performance monitoring.
Business Standards
Sitrant Wealth Management strongly encourages automation in the end-to-end, procure-to-pay cycle through the following processes:
- Electronic requests for proposal
- Online catalogues
- Transmission of electronic purchase orders
- Receipt of electronic invoicing through its Trusted Vendor Payment programs that employ the Coupa Vendor Network (CSN), comma separated value (CSV), XML or EDI files
- Electronic payments via ACH
- Payments by virtual card
Purchase orders (PO) are required for all purchases £5,000 and above, subject to Sitrant Wealth Management's standard purchase terms and conditions. Sitrant Wealth Management's standard payment terms are 60 days from the date we receive an accurate invoice, unless alternate payment terms have been negotiated and are included in the vendor's written agreement with Sitrant Wealth Management. Vendors are encouraged to establish payment by virtual card to help streamline the payment process. Direct deposit payments will be accompanied by an email notification containing relevant remittance information. For tax reporting purposes, all vendors must provide a completed, signed and dated IRS Form W-9 in order to receive payments. An IRS Form 1099-MISC will be issued if reportable payments are equal to or greater than £600 in a calendar year.
Vendor Risk Management and Performance
In compliance with regulatory guidelines and leading business practices, Sitrant Wealth Management conducts initial and ongoing risk evaluations of its vendors. Initial due diligence reviews of potential vendors are performed based upon the scope of services to be provided and the potential risk to Sitrant Wealth Management associated with these services. Due diligence reviews are performed in an effort to:
- Understand goals and objectives surrounding the proposed engagement in conjunction with the total cost of ownership
- Validate that activities (i) are to be conducted in a safe and sound manner; (ii) comply with regulatory guidance; and (iii) are in line with industry leading business practices
- Identify, assess, quantify and mitigate risks that may be associated with services to be provided
- Understand how controls and performance expectations will be actively managed and monitored on an ongoing basis
- Identify opportunities to leverage vendor spend and improve cost savings
- Drive continuous improvement
Requests made to potential vendors may include, but are not limited to:
- Providing current SOC reports specific to the services being provided
- Current Business Continuity Plan inclusive of results of last BCP/DR exercise
- SIG or SIG lite
- Privacy Policy
- Participating in a Request for Information (RFI), Request for Proposal (RFP), reverse auction and/or other method of vendor selection
- Reviewing supporting documentation and/or on-site review to validate responses to documents
- Presenting a product, service, technology and/or system architecture overview, as applicable
- Providing names of clients to be contacted as reference checks
- Supplying proof of employee background checks, as applicable
Sitrant Wealth Management's Sourcing and Procurement team partners with its business segments to develop robust vendor risk and performance management plans. In accordance with regulatory guidance, these plans include an evaluation of risks inherent in a particular product or service and the control environment established by the vendor, as well as a defined process to periodically monitor the vendor's performance. Vendor risk and performance management plans may include onsite visits to a vendor location, periodic review of the effectiveness of security and disaster recovery policies, ongoing monitoring of a company's financial health, review of audit reports and other evidence of effectiveness of internal or external controls and evaluation of service level agreements and key performance indicators.
Formal vendor performance reviews also may be conducted through regular in-person meetings with significant vendors. Through these face-to-face conferences, Sitrant Wealth Management strives to:
- Provide a venue for problem resolution and continuous improvement
- Improve communication between Sitrant Wealth Management and its vendors
- Align vendor goals and objectives with those of Sitrant Wealth Management
- Measure established performance expectations and service level agreements
Vendor Ethics
Sitrant Wealth Management is dedicated to uncompromising integrity in all that it does and how it relates to its internal employees and to people outside Sitrant Wealth Management. The Sitrant Wealth Management Vendor Code of Conduct reflects the values that define Sitrant Wealth Management and the principle that even the appearance of impropriety must be consistently avoided. To that end, Sitrant Wealth Management requires that all vendors (and/or third parties acting as agents of Sitrant Wealth Management) conduct themselves with the same high standards of honesty, fairness and integrity. Vendors must abide by all applicable federal, state and local laws, rules and regulations while assuring that all services are conducted with a high degree of professionalism and in accordance with the terms and conditions of the relationship.
