Vendor Management Program
A 14-Point program for bankers who are serious yet practical about vendor management
Features & Benefits
Program and Policies…Done!
This 14-Point Vendor Management Program provides oversight of the Bank’s critical vendors in accordance with current banking laws, regulations, and guidelines. The program allows Bank management to establish sound business practices regarding vendor evaluation, selection, and management.
Annual Reviews and Assessments…Done!
Let our team take the burden off bank personnel saddled with the time-consuming and complex task of monitoring vendor health, stability, security and related risk. Vendor Financial Reviews, SOC Report Reviews, Vendor Management Risk Assessments, and Contingency Vendor Identification are all facilitated by our experts in a practical and professional manner with solid documentation suitable for board presentation.
We include regulatory guidance on Vendor Management so applicable laws, regulations, and guidelines can be easily referenced with actions taken to comply and compete.
Why did we develop this program?
In our work with banks, whether consulting with clients, teaching at banking schools, or facilitating CEO and CIO forums, we heard a consistent message regarding banks’ vendor management challenges. Bankers were fed up with costly systems that required constant administration yet yielded weak results. “Vendor Management” was becoming an overwhelming task. Many banks had to hire a full-time employee just to “feed” an automated vendor management system that was not delivering what it promised and was growing out of control. In response to this frustration, unnecessary overhead, and inefficiency, we knew we could develop a better way.
What are some of the frustrations bankers have with automated vendor management systems?
These are the top ten reasons bankers frequently cite as the driving forces in wanting a drastic change in vendor management:
- “We were sold an automated system that was supposed to make this easier and it just made it harder.”
- “We had to hire a full-time person just to feed the new automated system, so it has actually increased our overhead and made the process inefficient.”
- “The vendor is contacting our CPA firm and law firm directly to harass them for financials and proof of insurance.”
- “We get no exam support or consultation from the vendor.”
- “Our employees are doing all the work. The system is just an empty bucket on the internet that we have to fill.”
- “Ownership changed and we no longer hear from the vendor’s people.”
- “The system interface changed, and we don’t like it.”
- “The vendor has no expertise in evaluating technology and advising on pricing and contract negotiations.”
- “We now appear to be paying them to do our own work.”
- “We just don’t have confidence in the system or the people who sold it to us.”
How is the RiskRaptor Vendor Management Program Different?
- Developed to provide a practical and cost-effective approach to vendor management.
- Easy to administer and understand.
- Balanced to increase the bank’s efficiency while helping to comply with laws and regulations.
- Backed by a firm that can provide expertise and consultation on the vendor marketplace, vendor due diligence, contract terms, pricing, and regulatory expectations.
- Reduces the number of banker-hours spent on vendor management yet improves compliance and risk management
Are You Ready for a New and Better Approach to Vendor Management?
Contact us today and let us make your life easier and your vendor management program stronger!
Please fill out the form to request a proposal online or contact Molly Kivelle at firstname.lastname@example.org for a customized proposal.