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Best Practices

Staying On Top of Vendor Management News

Oct 12, 2016 by Branan Cooper

One of the most important and challenging parts of working in risk management is staying out of the news – that’s always a good goal, not to be in the news in a negative way. But equally important, you need to stay in tune with what’s going on in the industry. So, we're going to help you with that.

Narrow down the information 

Here at Venminder, I:

Routinely scan the news on a daily basis – I subscribe to a bunch of news feeds, whether it's CUInsight’s daily headlines of credit union news or JD Supra’s daily analysis of regulatory developments or a simple Google news search, all of them are helpful in staying in touch with what’s going on in the financial services and regulatory world. 

I try to distill the news into some weekly headlines for my colleagues - It's important to look at current events to understand how the regulatory landscape is shifting or simply to analyze your own program through the lens of “what elements of a recent enforcement action might be a good warning sign for our program?”

Time and time again, I’ve found things that have changed my direction, whether for the day or for the program in general. 

The explosion of available news sources since the dawn of the internet has certainly been a double edged sword – in some ways, much easier to find news; in other ways, it can be overwhelming to feel like you’re flailing in too much information. So, I help narrow down the information to what I feel is most important by listing out my suggested list of articles to read. 

Recent articles to check out 

Below is a list of important articles recently published. Enjoy the headlines and, as I tell people here at Venminder, I welcome your feedback.

IBM buys Promontory: Often called “the shadow regulator” Promontory is a major influential player: Read more

Additional Wells enforcement action – this time for SCRA violations: On top of the 2 million false accounts, issues on repossession of service member cars: Read more

UDAAP avoidance: Best practices to avoid UDAAP violations: Read more

PCI standards for POS vendors: Card industry revised standards for merchant: Read more

Fifth pillar of BSA / AML program – customer due diligence:

  • May 2018 implementation date
  • Significant new requirements on customer due diligence and beneficial ownership
  • Read more

New prepaid card final rule from CFPB:

  • Introduces underwriting requirements
  • Finalized rule on overdraft and “know before you owe”
  • Read more

FTC levies a $1.3 BILLION fine:

  • Payday lending scheme
  • Bars defendants from future participation in consumer financial matters
  • Read more

Outstanding article on how to define success from a compliance perspective:

  • JD Supra provides some excellent analysis – I follow them closely
  • The quest for compliance quality never stops
  • Read more

And watch out for future blog posts like this to help you stay updated with vendor management news! 

For more best practices of really good vendor manager, download our infographic.

10 Best Practices of Really Good Vendor Managers Infographic

Branan Cooper

Written by Branan Cooper

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 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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