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Credit Union Vendor Management Challenges of 2015 Recap

Jan 1, 2016 by Venminder Experts

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 unions have been frustrated over in 2015. Are you also facing any of these going into 2016? 

Here is what people had to say:

"Contracts" 
   - $140+ million credit union

"Keeping track of which documents have been received from each vendor"
   - $550+ million credit union
 
"Time constraints to do all the things examiners want us to do"
   - $25+ million credit union
 
"Having the time to put it together and doing it right."
   - $290+ million credit union
 
"Managing IT - vendors continually sending info to our credit union"
   - $25+ million credit union
 
"Contract negotiations, to include required language from our corporate sponsor. As a result, it takes MONTHS to approve a contract, if it gets approved"
   - $160+ million credit union

"Getting those who manage the relationship to update and manage the files"
   - $420+ million credit union
 
"Tracking contracts/agreements expiration dates"
   - $260+ million credit union 
 
"Obtaining up-to-date SOC1 reports"
   - $110+ million credit union
 
"Going through the piles of reports"
   - $25+ million credit union
 
"CFPB changes and ensuring we are compliant" 
   - $50+ billion credit union
 
"Automating the VM process from beginning to end"
   - $750+ million credit union
 
"Knowing if what we are doing will satisfy auditors"
   - $5+ million credit union
 
"Due diligence"
   - $45+ million credit union
 
"Risk assessments on all vendors"
   - $60+ million credit union
 
"Time"
   - $15+ million credit union
 
"Finding contractual information from my vendors - auto renewal contracts have resulted in my not being able to find out when the contract end dates are, or what the notification period may be for leaving a vendor"
   - $8+ million credit union
 
"Doing my third party file updates"
   - $130+ million credit union
  
"We have a large amount of third parties providing vital services to our members - having a better picture of how these firms are doing will assist us in selecting new vendors going forward"
   - $1+ billion credit union
  
"We are very small and there is very little time for vendor management"
   - $6+ million credit union
  
"Keeping them all straight"
   - $30+ million credit union
  
"Annual reviews"
   - $250+ million credit union
 
"Tracking combined contracts under master agreements"
   -$600+ million credit union
 
"We don't have a program set up yet"
   -$10+ million credit union
 
"Distributed vendor relationship owners and ongoing due diligence"
   -$2+ billion credit union 
Mini Vendor Management Handbook
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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