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10 Signs That You Need to Outsource or Augment Vendor Management Staff

Aug 20, 2019 by Branan Cooper

The workload in vendor management can be enormous, particularly with heightened regulatory expectations, pressures on deadlines and the need to keep an eye on expenses.

Particularly in smaller organizations, there's a real time crunch as the role of vendor management may just be one of a set of responsibilities the compliance officer has. So, what should you think about when you're trying to best juggle the competing demands and think about outsourcing or hiring more staff?

The 10 Signs to Outsource or Augment Vendor Management Staff

Here are 10 things to consider when deciding if you need to outsource or augment vendor management staff:

  1. The workload is simply unmanageable. The environment is based on numbers and workflow, and if things are clearly just overwhelming, it’s time.

  2. The work product is haphazard or inconsistent because there’s not enough time to get things done.

  3. Employees are grumbling and constantly sniping about one another’s work. It’s a tell-tale sign of an overworked group.

  4. Every little issue turns into a big problem – likely the result of the grumbling and sniping.

  5. Reasonable deadlines are slipping by – again, just not enough time in the day to get everything done.

  6. Things are forgotten – time to consider a better tracking system if you can’t add staff to catch up.

  7. Heaven forbid – but your examiners tell you that you devoted insufficient resources to do the job.

  8. Vacations are canceled to hit normal business deadlines.

  9. People are routinely missing meetings in order to get work done.

  10. Turnover mounts as frustration provides an easier solution than staying and seeing things through.

Automation, professional expertise and outsourcing a solution can make a huge, positive difference in your work environment and workload. Also, it can tremendously help with satisfying examiners!

Make the workload better and take steps to make the workload more efficient. Download the infographic.

8 actionable ways increase efficiency third party risk management

Branan Cooper

Written by Branan Cooper

Branan Cooper is the Chief Risk Officer at Venminder. Branan has nearly 30 years of experience in the financial services industry with a focus on the management of operational and regulatory processes and controls—most notably in the area of third party risk and operational compliance. Branan leads the Venminder delivery team as the third party risk management subject matter expert in residence. Branan also serves as an industry thought leader. He's a member of InfraGard and the Professional Risk Management Industry Association (PRMIA). And, he was selected in 2018 as an advisor to the Center for Financial Professionals (CEFPro) and board member for the Global Sourcing Resource Network (GSRN).

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