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Best Practices

Credit Union Vendor Management Challenges of 2015 Recap

By: Venminder Thought Leader on January 1 2016

4 min read
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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
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