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Best Practices

What Is Your Biggest Vendor Management Challenge?

Mar 5, 2019 by Venminder Experts

Organizations face many challenges specifically with third party risk management. To make sure we keep up with what those pain points are, we continually ask organizations to share their biggest struggles. Are you also facing any of these?

"What is your biggest vendor management challenge?”

Here are some challenges people had to say:

“Getting staff to follow procedures.”
-Non-financial institution lender

“Understanding the content of each contract.”
-$10B to $50B bank

“Establishing a formal process involving all of the concerns (e.g., automating, adequate budget, resources), responding to the limitations and responding to changes.”
-Brokerage and securities firm

“Internal accountability to our policy and program”
-$1B to $10B credit union

“Having all business owners appropriately involved.”
-Insurance company

“How to actually test compliance with procedures.”
-Credit card company

“Keeping oversight of quality control by vendors.”
-Pharmaceutical company

“Providing a whole picture of risk for high risk and/or critical vendors.”
-$1B to $5B bank

“Reviewing due diligence documentation.”
-Fintech company

Want to learn more about the challenges facing the industry? Check out our 2019 State of Third Party Risk Management whitepaper for challenges and our best practice recommendations to overcome these.

Venminder Experts

Written by Venminder Experts

Venminder has a team of third-party risk experts who provide advice, analysis and services to thousands of individuals in the financial services industry.

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