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Venminder Blog

Dec 31, 1969 by

Venminder Team

Venminder Team
Venminder has a team of due diligence experts who can significantly reduce your vendor management workload
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Recent Posts

Vendor SOC Report Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

Read More

SOC Reports

Effective Vendor Management Policy & Program Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

Read More

Best Practices

Proper Vendor Due Diligence Requirements Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

Read More

Due Diligence

Critical Vendor Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

Read More

Due Diligence

Vendor Risk Assessments Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

Read More

Risk Assessment

Auditor's Perspective on Third Party Risk Management Q&A

May 15, 2018

During our recent three day Third Party Risk Management Bootcamp, we had a lot of GREAT questions come in. It was quite impossible to get to them all during the live sessions, so we have worked [...]

Read More

Best Practices

The Power of Outsourcing Vendor Risk Management

May 15, 2018

2017 was a year of change in the financial services industry. This includes the OCC proposed Fintech Charter and a changing of the guard within the rank and file of the Consumer Financial [...]

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Best Practices

3 Reasons Why and How to Measure Vendor Performance

May 9, 2018

Managing your vendor’s performance is a key aspect of monitoring. After all the hard work that went into contract negotiations and due diligence checks to onboard a new vendor, it would make sense [...]

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Best Practices

Data Breaches, State Notification Requirements and Third Parties

May 2, 2018

Data breaches are not a new phenomenon impacting consumers, but based on the increased frequency reported in the media, the volume of reported breach incidents is likely to increase. The risks of [...]

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Regulations

GDPR and Vendor Risk Management

May 1, 2018

The General Data Protection Regulation, or GDPR as it is widely referred as, is taking the compliance world by storm. And not in a good way. The law itself is voluminous with 11 Chapters and 99 [...]

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Regulations

Third Party Risk in the Eyes of MBA President and CEO David Stevens, CMB

Apr 30, 2018

As part of our Venminder Thought Leadership series where we speak with the industry’s sought-after thought leaders for their perspective and advice on third parties, mitigating risk, best [...]

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Best Practices

Fourth Party Oversight and How to Organize the Effort

Apr 25, 2018

Institutions have a lot to consider when assessing third party risk, but if vendor risk management hasn’t followed the process of understanding the inner workings of their third party vendors, [...]

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Regulations

GDPR: Understanding the Impact on Third Party Risk - Part 2

Apr 24, 2018

Last week we released important information about understanding the impact GDPR has on third party risk. I have even more to tell. In this part 2 we’ll look a little deeper into chapters 2-4 and, [...]

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Regulations

GDPR: Understanding the Impact on Third Party Risk - Part 1

Apr 17, 2018

A simple Google search on GDPR requirements and GDPR checklists will result in lots of information and free resources. The sheer amount of information available is dizzying to say the least and [...]

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Regulations

 7 Practical Steps to Tackle GDPR Compliance Via Vendor Management

Apr 10, 2018

The EU (European Union) General Data Protection Regulation (GDPR) is considered timely in the sense that all e-commerce is officially in the sights of cyber criminals. Not a day goes by without a [...]

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Regulations

Fintech, State Regulators and The OCC Fintech Charter

Apr 3, 2018

The term fintech is a broad definition, and I’ve heard that some firms offering software to process a data point for a financial institution, also define themselves as "fintech". In some of these [...]

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Regulations

Facebook, General Data Security Protection (GDPR) and the Case for Stronger Data Protection

Mar 27, 2018

Cambridge Analytica data mined over 50 million subscribed Facebook user's private information. As more details emerge over the questionable activities performed, the fall out continues. 

While we [...]

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Regulations

Third Party Risk Management - How Does the Vendor Perceive It?

Mar 26, 2018

As part of our Venminder Thought Leadership interview series where we speak to experts in-housing finance and vendor service providers, we recently had the opportunity to sit down with Suresh [...]

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Best Practices

Momentum Behind Third Party Risk Oversight & Fintech

Mar 20, 2018

There is a good chance that you are reading this article on a tablet or smart phone. Perhaps, you're reading it even while traveling or waiting for your next meeting.

The fact is that we live, [...]

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Regulations

Beneficial Ownership & Panama Papers Link to Third Party Risk

Mar 13, 2018

The heading of this piece may sound like it was ripped from the pages of the latest James Bond adventure. But with recent data breaches, shell companies, pending new regulations on data privacy [...]

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Regulations

3 Phases of the Vendor Lifecycle

Mar 7, 2018

Often times I find many people consider the lifecycle of a vendor to begin once the contract is in place and it to end once it’s terminated. Frankly, this is anything but the case. Many more steps [...]

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Due Diligence

GDPR and The Third Party Risk Management Implications

Mar 6, 2018

Effective May 25, 2018, the General Data Privacy Regulation (GDPR), a European Union (EU) regulation which formally became law in 2016, will bolster data privacy rights for European citizens.

The [...]

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Regulations

First 10 Things a New Vendor Manager at XYZ Mortgage Lender Is To Do

Feb 27, 2018

If you're a new vendor manager, there's a transition period before you're comfortable in your role. We all must start somewhere. So, we've put together a top 10 list of things to do if you're [...]

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Best Practices

6 Things to Watch Out for With Your Mortgage Company’s Vendor Management Software

Feb 20, 2018

We’ve covered the benefits of using a software solution for your vendor management processes. Now, let’s talk about what to look out for and consider when selecting your software at your mortgage [...]

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Due Diligence

Managing Vendor Relationships - The good, bad and the ugly

Feb 13, 2018

If we had to summarize vendor management and boil it down from the many descriptions available, we'd use one word: Relationship.

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Best Practices

Mortgage Subservicer Vendor Oversight Best Practices

Feb 6, 2018

Mortgage subservicers offer a unique challenge to third party risk management. Unlike many fulfilment services engaged in the origination process, a subservicer interacts with the consumer for [...]

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Due Diligence

Top 10 Vendor Management Terms That Every Team Should Know

Jan 30, 2018

So, you’ve mastered the terms Business Continuity Planning (BCP) and Disaster Recovery (DR) and have a good understanding of what is needed to manage a sound vendor management program. 

Below is a [...]

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Best Practices

How to Raise the Vendor Management Bar

Jan 16, 2018

Vendor management maturity levels vary across the company spectrum. As part of our many in-depth consultations with clients and prospects alike, we find that the staffing, expertise and even the [...]

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Outsourcing

Vendor Management 10 Years in the Making

Jan 2, 2018

The maturing landscape of vendor management has been ten years in the making. Take a look at how the third party risk management thought process has changed from 2007 to 2017.

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Best Practices

The Need for Proper Oversight of Closing Agent Vendors

Dec 19, 2017

When reviewing your vendor list at your mortgage company, do you pay close attention to your closing agent vendors? If not, you need to ensure you’re doing proper oversight going forward.

Read More

Due Diligence

The Relationship Between Vendor Oversight and Complaint Management

Dec 5, 2017

Complaint management plays a vital part in delivering a great customer service experience. But when it comes to vendor oversight, the initial complaint issue can have a lasting perception of the [...]

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Due Diligence

Varying Levels of Expertise in Vendor Oversight

Nov 21, 2017

If an organization isn’t truly onboard with vendor management, they allocate team members that lack vendor management experience. Unfortunately, this is not surprising. So, there are a variety of [...]

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Risk Assessment

10 Best Practices for Lead Generation Vendor Oversight

Nov 7, 2017

Many states require lead generators to hold a mortgage broker license in some shape or form on the NMLS (Nationwide Multistate Licensing System/Nationwide Mortgage Licensing System and Registry). [...]

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Due Diligence

How Vendor Management Software Helps Your Mortgage Inst.

Oct 24, 2017

Software, that is not only well-designed but created by experienced vendor risk management professionals, will help you streamline your operation. 

Read More

Outsourcing

Prove It or Lose It! Update Your Vendor Management Policies and Procedures

Oct 10, 2017

If like me, you have had the opportunity to be examined by a regulator and survived, you’ll recognize the need to supply a copy of your vendor management policy and procedure documentation. The [...]

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Examination Preparation

There's Still Time to Achieve Your 2017 Vendor Management Goals

Sep 26, 2017

If the thought of planning in January for your 2017 vendor management goals feels like a distant memory, you’re probably not on your own. Like any news year's resolution, the initial goal is new [...]

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Best Practices

Mortgage Companies: Know Your Vendor's Leadership - It Affects Culture and Compliance

Sep 12, 2017

If you're an established financial institution, you're probably using third party vendors to fulfill several functions to gain efficiencies and market advantages. After the contract has been [...]

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Best Practices

Equifax Breach Proves Importance of Cybersecurity & Vendor Oversight

Sep 8, 2017

On September 7th at around 4 pm, reports came out in the media that one of the three national credit reporting agencies – Equifax – had disclosed a large data breach. Estimates so far is that it [...]

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Cybersecurity

3 Reasons Your Mortgage Co Should Replace Excel with Vendor Management Software

Aug 29, 2017

Vendor Management has become an art, a science and has metamorphized into a discipline which addresses multiple aspects covering reputation, credit, operational and financial risk.  

You really do [...]

Read More

Outsourcing

The Convergence of Third Party Oversight and Cybersecurity

Aug 15, 2017

We recently had an opportunity to discuss the state of vendor oversight with a former FDIC examiner. During our meeting, we discussed the importance of third party oversight and the convergence of [...]

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Cybersecurity

Pros and Cons of Vendor Concentration Risk

Aug 1, 2017

Vendor Concentration Risk is the risk which may occur when an institution relies too heavily on one vendor to perform several, if not all, critical/high risk functions for their operation. Vendor [...]

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Risk Assessment

Wire Fraud Risk and Closing Agent Oversight

Jul 18, 2017

There are several wire fraud schemes currently in circulation which will have an immediate impact on the housing industry, financial institutions and the end consumer.

  • We’ll look at the top 3 [...]
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Due Diligence

CFPB Consumer Complaint Database: Performance & Customer Service

Jul 4, 2017

The mortgage industry has a curious relationship with the CFPB. While there are a few bad actors who fall foul of the CFPB enforcement actions...as an industry, we are striving to make mortgage [...]

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Regulations

Vendor Alignment Strategies: How Making Right Choices Impact Vendor Oversight Scope

Jun 20, 2017

The responsibility given to a vendor management department may vary across institutions. In some instances, the vendor management team may even have a voice when it comes to vendor selection and [...]

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Due Diligence

Raising the Bar In Third Party Risk : CFPB Formally Enters Technology Vendor Oversight

Jun 6, 2017

In the CFPB May release (Issue 15), the Consumer Financial Protection Bureau referenced updated guidance on third party oversight initiatives. We'll go through what it says, what it means and next [...]

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Regulations

What To Do If Your Software Vendor Gets Acquired

May 30, 2017

You did your due diligence on your vendor, you're going about your day to day duties, and suddenly you're notified that your software vendor is being acquired by another. Today, companies merge [...]

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Best Practices

Third Party Risk Q&A: Auditor's Perspective and Best Practices

May 29, 2017

During our recent three day Vendor Management Bootcamp we had a lot of GREAT questions come in. It was simply impossible to get to them all during the live sessions, so we have worked with the [...]

Read More

Best Practices

Third Party Risk Q&A: Risk Assessments

May 29, 2017

During our recent three day  Vendor Management Bootcamp, we had a lot of GREAT questions come in. It was simply impossible to get to them all during the live sessions, so we have worked with the [...]

Read More

Best Practices

Third Party Risk Q&A: Critical Vendors and More

May 29, 2017

During our recent three day Vendor Management Bootcamp (click here to watch on-demand), we had a lot of GREAT questions come in. It was simply impossible to get to them all during the live [...]

Read More

Best Practices

Third Party Risk Q&A: Vendor Due Diligence

May 29, 2017

During our recent three day Vendor Management Bootcamp (click here to watch on-demand), we had a lot of GREAT questions come in. It was simply impossible to get to them all during the live [...]

Read More

Best Practices

Q&A: Third Party Risk Policy/Program and Financials

May 29, 2017

During our recent three day  Vendor Management Bootcamp (click here to watch on-demand), we had a lot of GREAT questions come in. It was simply impossible to get to them all during the live [...]

Read More

Best Practices

Third Party Risk Q&A: Vendor SOC Report Types and More

May 29, 2017

During our recent three day Vendor Management Bootcamp (click here to watch on-demand), we had a lot of GREAT questions come in. It was simply impossible to get to them all during the live [...]

Read More

Best Practices

What Mortgage Lenders Need to Know About Fannie Mae Day 1 Certainty for Vendor Management

May 23, 2017

Earlier this year, Fannie Mae released their long-awaited Day 1 Certainty program. For the mortgage lender,this represented a glimmer of hope to be released from certain future reps and warranty [...]

Read More

Regulations

Criticality and Risk Rating Vendors

May 9, 2017

A vendor's criticality and risk rating are two different things, but they often get used interchangeably. We'll clarify them more for you to better understand.

Read More

Risk Assessment

Appraisal Management Company Vendor Oversight

Apr 25, 2017

The Appraisal Management Company (AMC) is a vendor which plays a vital role in the loan origination process. Regardless if your organization is a bank, non-bank, credit union or other type of [...]

Read More

Due Diligence

Vendor Oversight Practices For Post Closing Quality Control Audit Vendors

Mar 28, 2017

Quality control audit firms play an important role in the review function of loan files. This requirement is performed at the pre-funding and post funding stage of the loan origination process. [...]

Read More

Due Diligence

CFPB Issues Supervisory Highlights Consumer Reporting (Issue 14)

Mar 14, 2017

March 2nd, the CFPB issued Supervisory Highlights Consumer Reporting Special Edition (Issue 14), Winter 2017. For those who have had a less than perfect experience when interacting with a consumer [...]

Read More

Due Diligence

Your Vendor Oversight Is Only as Strong as Your Contract

Mar 1, 2017

For the non-bank lender, the process of vendor oversight begins prior to establishing an annual audit schedule. And like any good process, it begins well at the beginning - the contract. [...]

Read More

Contract Management

CFPB Exams for Non-Bank Lenders & How to Leverage as a Vendor Oversight Function

Feb 7, 2017

Banks, credit unions and non-bank lenders have all been audited in some fashion by state or federal regulators during their lifetime. In recent years, the CFPB (Consumer Financial Protection [...]

Read More

Examination Preparation

4th Party Vendors: How far do you need to go?

Jan 6, 2016

Just when you thought you had your arms around your vendor management program, auditors and examiners have been inquiring about your “vendor’s vendors”.

It’s understandably perplexing to figure [...]

Read More

Fourth Party Vendors

8 Tips for Vendor Management in 2016

Jan 1, 2016

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 [...]

Read More

Best Practices

Bank Vendor Management Challenges of 2015 Recap

Jan 1, 2016

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. [...]

Read More

Due Diligence

Credit Union Vendor Management Challenges of 2015 Recap

Jan 1, 2016

It's no secret that with vendor management, comes many challenges. Throughout the year we asked credit unions specifically what those challenges were for them. Here's a recap of what those credit [...]

Read More

15 Reasons To Be Thankful To Your Vendors

Nov 25, 2015

We've yet to come across a financial institution that does not have a vendor, and vendors of course means vendor management.

So, in the spirit of Thanksgiving, we decided to put together a fun [...]

Read More

Due Diligence

What is your biggest Vendor Management Challenge?

Oct 9, 2015

Credit unions and banks face many challenges specifically with vendor management. To make sure we keep up with what those pain points are, we continually ask financial institutions' employees to [...]

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Best Practices

Budget Time. Take an Examiners Advice - Remember Vendor Management

Sep 8, 2015

While talking to a prospect recently, he shared a comment that his examiner made from a recent exam. It went something like this:

You need to put away the manual spreadsheets and look into a [...]

Read More

Examination Preparation

5 Tips to Choosing the Right Vendor Management Partner

Sep 4, 2015

Chances are you would not only like someone to help you get the work done but also help you raise your vendor management game. Will they further your vendor management education? Are your [...]

Read More

Outsourcing

3 Keys to Cost Justifying Outsourced Vendor Management

Sep 1, 2015

The job is big, you know you have to do it, there’s not enough of you to go around and the examiners will be there soon. What’s the answer?

Read More

Outsourcing

3 Signs It May Be Time To Hire A Vendor Management Partner

Aug 27, 2015

As you are well aware, Vendor Management at your bank or credit union is not an optional activity. 

Read More

Outsourcing

The Finer Points Of A SOC 2

Aug 11, 2015

In review, a SOC 1 report reviews financial and audit controls of a vendor. Basically a SOC 1 tells you if your vendor manages their books well (or not). But is it the right report for you? Does [...]

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SOC Reports

3 Areas To Look Out For In Your Vendor 10-K's

Aug 7, 2015

While you can use other reports for financial analysis, the 10-K is highly recommended to review the financial, legal and risk information about your vendor. The 10-K is formatted identically for [...]

Read More

Financials

6 Tips to Understanding a SOC 1 Report

Jul 24, 2015

Let’s start with a basic description of a SOC 1 report. A SOC 1 describes the system of internal controls in place at a service organization regarding internal controls over financial reporting.  [...]

Read More

SOC Reports

SOC 1, 2 or 3 – Understanding the Differences

Jun 25, 2015

If you’re a bank or credit union then you likely already understand that you should be asking many of your vendors for a SOC report, especially your critical or high risk vendors.  

Have you [...]

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SOC Reports

The unintended consequences of declining vendor financial performance

Jun 5, 2015

Should you discover that your bank or credit union vendor's income and financial performance is declining, there are some unintended consequences you need to look out for.

Read More

Financials

Revenue has increased so the health of my vendor is better, right?

May 22, 2015

Not necessarily...

At Venminder we get this question alot. So, here are a few areas that you need to look at first before coming to that conclusion.

Read More

Financials

4 Tips to an Accurate Vendor Financial Performance Assessment

May 15, 2015

As you review your vendors financial health, here are 4 tips to an accurate vendor financial performance assessment.

Read More

Financials

What are your Bank or CU's Vendor Management Challenges?

Apr 9, 2015

Vendor management has many challenges, but what are your peers saying is their biggest challenge?

We asked a group of financial professionals just what their biggest vendor management challenge is [...]

Read More

Examination Preparation

5 Contract Management Tips to your Pot of Gold

Mar 17, 2015

Cost management begins and ends with effective contract management

Here are 5 simple tips for contract management at your financial institution to help you find that pot of gold: 

Read More

Contract Management

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