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Due Diligence

15 Reasons To Be Thankful To Your Vendors

Nov 25, 2015 by Venminder Experts

We've yet to come across a financial institution that does not have a vendor, and vendors of course means vendor management.

So, in the spirit of Thanksgiving, we decided to put together a fun list of 15 reasons  why you may be thankful to your vendors this year... 

(warning: large amounts of sarcasm ahead!)

  1. I’m thankful for...when my vendors send me SOC reports/compliance packets via MAIL.

  2. I’m thankful that...my vendor gets me my documents on time without me even having to ask for them!

  3. I’m so thankful that...the examiners have a heightened focus on vendor management.  Now I can fill up ALL that spare time I had. 

  4. I’m always so thankful when...the FFIEC issues additional guidance that tells me EXACTLY what I need to do.

  5. Thank goodness that...my vendor lowers my price without me even asking.

  6. I’m so grateful that...my privately held vendors release their financials with such ease.

  7. I’m so blessed to have...a board that approves all my vendor management budget requests.

  8. I'm grateful that...I never have to read a SOC report because I’m blessed with vendors that never have a single finding!

  9. I’m thankful that...vendor management is such a simple part-time job for my staff.

  10. I’m thankful that...my vendor rushes to get me all the documents I need as soon as I ask.

  11. I’m thankful that... my examiner said “Everything is perfect, see you in 4 years."
     
  12. I’m thankful that...my vendor reminds me of my auto-renewal date just in case I wanted to cancel my contract!

  13. I'm thankful that...I always understand what the various pieces of documentation means.

  14. I'm thankful because... I can’t WAIT to tackle cybersecurity in 2016.  I’m very fortunate that all my vendors will happily accommodate all my requests.     

And, our personal favorite: 

15. I'm thankful as... without my vendors, I wouldn’t have the joy of vendor management.

All fun aside, the reality is that without vendors many financial institutions wouldn't be able to provide the level or type of services that customers expect today. 

Vendors rarely get thanks or appreciation, so if you have a good one, drop them a note and let them know! Encouragement and praise can go a long way to motivating the vendor to continue along the right path.

To you, your team and your family,
have a very Happy Thanksgiving!

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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