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4 min read
Vendor management can be difficult. Throughout 2015 we were curious what specific challenges banks were facing, so... we asked. Here's a list of what banks especially struggled with this year. Are you also facing any of these for 2016?
Here is what people had to say:
"Just one thing?! 1. How big a time suck it has become. I work for a very small community bank and have many duties aside from vendor management. 2. Knowing how to document our process in such a way that you can clearly see what we have done for individual vendors, but also clearly show our overall process."
- $210+ million bank
- $210+ million bank
"Managing our vendors third party vendors"
- $220+ million bank
- $220+ million bank
"Managing Relationship Managers through Performance Reviews and educating them on the importance of VM"
- $9+ billion bank
"Where to draw the line to make sure we're not doing more than we have to with lower risk vendors"
- $750+ million bank
"Financial analysis"
- $320+ million bank
- $320+ million bank
"Culture change for departmental managers. All contracts must be reviewed by Compliance prior to executing contracts. Also, need for better software for vendor tracking"
- $1+ billion bank
"Aligning the program for a small organization with 3-5 critical vendors in a highly regulated environment (financial institution)"
- $180+ million bank
- $180+ million bank
"Communicating the program to managers with vendor relationships and getting buy in from them"
- $380+ million bank
- $380+ million bank
"Knowing what is needed"
- $150+ million bank
"Security and Risk of information loss"
- $3+ billion bank
- $3+ billion bank
"Getting necessary information from the large vendors"
- $270+ million bank
- $270+ million bank
"Receiving financial statements from vendors who don't do SSAE16's"
- $90+ million bank
"The time it takes to gather all the documentation for the annual reviews"
- $960+ million bank
- $960+ million bank
"Ongoing monitoring and due diligence maintenance"
- $2+ billion bank
- $2+ billion bank
"Need to get all of the contracts in one place"
- $350+ million bank
- $350+ million bank
"Updating program to meet regulators challenges"
- $250+ million bank
- $250+ million bank
"Contract management as it relates to cybersecurity"
- $170+ million bank
"FDIC"
-$60+ million bank
-$60+ million bank
"Making sure we get it done"
- $120+ million bank
"Keeping up with it all. Every time I think I have vendor management under control, the bar is raised by the regulators"
- $1+ billion bank
"Knowing what the examiners are looking for"
- $80+ million bank
"The whole vendor management program. I just don’t seem to have the time to do what is required"
- $90+ million bank
"Time"
- $25+ million bank
"Getting started"
- $160+ million bank
"Record keeping and follow up"
- $230+ million bank
"Process efficiency"
- $100+ million bank
"Time to get it done"
- $170+ million bank
"Cutting through the clutter"
- $400+ million bank
"Finding the right vendor"
- $280+ million bank
"Getting management to do it"
- $250+ million bank
"Receiving all the requested vendor due diligence information from point-of-contact in a timely fashion in order to meet internal risk review due date"
- $170+ million bank
"Annual reviews"
-$85+ million bank
"Getting the updated due diligence package"
-$40+ million bank
"Obtaining SSAE 16"
-$190+ million bank
"Cost control"
-$1+ billion bank
"Digesting the data in a simple format to manage the day-to-day risk"
-$400+ million bank
"Due diligence for mission-critical vendors, including OFAC checks on private entities"
-$8+ billion bank
"Tracking down all the annual due diligence on a yearly basis and maintaining our files"
-$150+ million bank
"Making sure we request, receive and follow up with all the right reports for all the types of vendors; when vendors are slow to respond, the whole process is more difficult"
-$130+ million bank
"Getting a new, more in-depth program started"
-$170+ million bank
"Establishing a repeatable process"
-$3+ billion bank
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