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

4 min read
Featured Image

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...

Here were the responses. 

"What is your biggest vendor management challenge?"

   - $140+ million credit union

"Keeping track of which documents have been received from each vendor"
   - $550+ million credit union

"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
"Managing our vendors third party vendors"
   - $220+ million bank

"Time constraints to do all the things examiners want us to do"
   - $25+ million credit union

"Managing Relationship Managers through Performance Reviews and educating them on the importance of VM"
   - $9+ billion bank
"Having the time to put it together and doing it right."
   - $290+ million credit union
"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 

"Managing IT - vendors continually sending info to our credit union"
   - $25+ million credit union
"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

"Contract negotiations, to include required language from our corporate sponsor. As a result, it takes MONTHS to approve a contract, if it gets approved" Communicating the program to managers with vendor relationships and getting buy in from them"
   - $380+ million bank

   - $160+ million credit union

"Getting those who manage the relationship to update and manage the files"
   - $420+ million credit union

"Knowing what is needed"
   - $150+ million bank

"Security and Risk of information loss"
   - $3+ billion bank

"Tracking contracts/agreements expiration dates"
   - $260+ million credit union 

"Getting necessary information from the large vendors"
   - $270+ million bank

"Receiving financial statements from vendors who don't do SSAE16's"
   - $90+ million bank 

"Obtaining up-to-date SOC1 reports"
   - $110+ million credit union

"The time it takes to gather all the documentation for the annual reviews"
- $960+ million bank 

"Going through the piles of reports"
   - $25+ million credit union

"Ongoing monitoring and due diligence maintenance"
   - $2+ billion bank 

"Need to get all of the contracts in one place"
- $350+ million bank

"Updating program to meet regulators challenges"
   - $250+ million bank

"CFPB changes and ensuring we are compliant" 
   - $50+ billion credit union

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