Your vendor’s problems are your problems. The true purpose of a vendor management program is to maintain quality vendors and quality relationships with those vendors to operate the financial institution efficiently and well. Operational issues involving staffing, regulatory compliance and internal controls must be tracked and resolved in an efficient and timely manner
- Identify, assign and track issues resulting from vendor questionnaires and survey’s
- Monitor resolution of action items and capture related impact on third-party risk and compliance ratings.
