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Best Practices

Review Vendor Management News

Aug 30, 2017 by Branan Cooper

If you’re like me, you receive dozens of emails – perhaps hundreds of tweets – from various news feeds. It’s easy to lose track of them all but it's important to at least glance through them. 

You can learn all sorts of things that provide good guidance without having to go through the pain yourself of an enforcement action, the analysis you need on a new regulation or a major change in best practices.

Set aside time to monitor the news

Set aside time each day or each week to at least peruse the news. You never know what you may find. It may be an emerging risk for one of your critical vendors, or it may be something subtle that leads you to check with your institution’s subject matter expert on a particular item.

Share what you learn

Sharing nuggets of news is an equally important practice. If you come across an item and it really resonates with you, there’s probably someone else in your organization who may benefit from it as well. Use it as an opportunity to share, to pick up the phone or even schedule a cup of coffee discussion of the learnings and share perspectives.

It’s not always good news and no one likes being the bearer of bad news, but sometimes it’s a necessity so that you help your institution stay out of its own turn in being the negative news story of the day that people are talking about.

If you’re not already, I recommend you receive email updates and/or watch social media from these organizations/websites...just to name a few of our favorites:

Part of staying on top of the news is researching enforcement actions. To learn properly from vendor management enforcement actions, download our infographic.

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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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