Are you stuck between knowing that you need better vendor management and being organized enough to implement a new plan?
Do you have uncertainty about the best way to go about improving your existing vendor management program? Have you created a vendor management policy and settled upon a vendor management solution, only to find it difficult to execute? If so, you are not alone. Many banks and financial institutions discover obstacles when implementing a new vendor management program.
Financial institutions are increasingly aware of the regulatory burdens that accompany the use of thirdparty vendors. Regulators have made it clear that the Board of Directors and senior management must identify and control the risks associated with thirdparty relationships.