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?"
"Contracts"
- $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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