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Frequently Asked Bank & Credit Union Vendor Management Questions
Vendor management can be an arduous, time consuming process. Most banks know their critical vendors. However, they are typically missing the proper tools and/or knowledge to accurately document their risk management review and to appropriately obtain the required due diligence information.
During the course of Porter Keadle Moore’s audits, we are typically asked the same questions from our clients regarding the vendor management process. We thought we’d share a few of these questions and our answers.