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7 Ways to Stay in Tune with Vendor Management Best Practices

Sep 7, 2016 by Branan Cooper

Unfortunately, there’s no magical solution to getting your staff up to speed and keeping them there. There’s no handbook or vendor management Bible, and even the best guidance only gets somewhat specific and can't possibly keep up with all of the new technology.

So, where do you turn for help?

Here are some suggestions: 

1. Look to industry experts for best practices. You’ll find them in webinars and in conferences.  

2. It’s pricey to send your entire team, but if you send one person to webinars and conferences, they can take notes and meet to enlighten the rest of the team when they return. It can help – in other conferences, the presentation materials and recorded sessions are often made available.  

3. Attend roundtable discussions and meet with people who have done the job.  

4. Read legal analysis – some of the best comes from Ballard Spahr, J.D. Supra and Bryan Cave, in my opinion.  

5. Subscribe and read industry newsletters.  

6. Sad to say (because it's less fun), but another good way is to read enforcement actions and then carefully analyze your own practices through that lens. 

7. Hire a consultant or outside auditor to review your practices and to share informed observations.  

There's no one roadmap for everyone, so you need to find your own way...and much of that requires simply gathering as much information as you can. And, be sure to track things like education sessions and conferences as an indication of your firm's investment of time, talent and expense.

Navigating Vendor Management Infographic

Branan Cooper

Written by Branan Cooper

Branan Cooper is the Chief Risk Officer at Venminder. Branan has nearly 30 years of experience in the financial services industry with a focus on the management of operational and regulatory processes and controls—most notably in the area of third party risk and operational compliance. Branan leads the Venminder delivery team as the third party risk management subject matter expert in residence. Branan also serves as an industry thought leader. He's a member of InfraGard and the Professional Risk Management Industry Association (PRMIA). And, he was selected in 2018 as an advisor to the Center for Financial Professionals (CEFPro) and board member for the Global Sourcing Resource Network (GSRN).

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