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Best Practices

8 Tips for Vendor Management in 2016

Jan 1, 2016 by Venminder Experts

Happy New Year! Our team has got vendor management covered for 2016, we'll be releasing new helpful content to the industry every week. 

To help kick off your New Year and keep your  vendor management in order, here are 8 tips for 2016...

  1. Don't wait until your examiners arrive to rely on them to find holes in your program - start reviewing now!

  2. Make sure you know who your vendors are! Where is your data?

  3. Stay up-to-date with the latest regulatory guidance.

  4. Don't forget that cybersecurity will be a hot topic this year, do you have a plan in place to monitor or review your vendor's cybersecurity prepardness?

  5. Ensure that everyone at your institution fully understands their responsibilities - from your board, senior management to your vendor owners.

  6. Don't let auto-renewal dates sneak by you - make sure you know whats up for renewal in 2016 and whose responsibility is it to check that out?

  7. Remember that one person cannot do all of your vendor management. It requires several skillsets and should be spread amongst a team. 

  8. Get rid of manual spreadsheets and look into a robust software - as an examiner recently told one of our prospects "the excel spreadsheet of yesteryear will no longer cut it!" 

Make sure your Policy, Program and Procedures is up to date! Download the Vendor Management Umbrella series.

Vendor Management Policy Program Procedures Umbrella Infographic Series

Venminder Experts

Written by Venminder Experts

Venminder has a team of third-party risk experts who provide advice, analysis and services to thousands of individuals in the financial services industry.

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