Welcome to this week’s Third Party Thursday! My name is Kay Perry and I’m the Senior Operations Manager here at Venminder. Vendor risk management is a complex job. It typically takes an individual who is meticulous in detail, thorough and patient to perform the job well. In today’s podcast, we’ll touch on some key attributes we’ve found in good vendor managers.
Here are 7 vendor manager attributes that we’ve seen, and feel should continue into the new year:
- They consistently have discussions with their vendors. Basically, the vendor manager maintains an open line of communication with the vendor in hopes that the vendor will be upfront with them should an issue arise. They are sure to ask them for input as needed and establish a solid business relationship.
- They stay abreast of changing regulations. Some ways to do this include:
- Setting up Google news alerts
- Studying the guidance in order to thoroughly understand it
- Subscribing to industry newsletters
- They stay educated. A good vendor manager will continue to learn and adapt to any newly introduced best practices. There are plenty of way to do this. You can attend conferences, webinars or even download free resources, like educational infographics and eBooks, that are released to the industry.
- They document. Documentation is a critical element in vendor management. It’s important to document meeting minutes, vendor reach outs, due diligence findings and more. You never know what will be requested, or when, by your senior management team, the board or an examiner.
- They involve senior management and the board as needed. And, they keep them informed in meetings and provide proper, up-to-date vendor reporting.
- They don’t just “check-the-box”. A good vendor manager understands the detrimental impact that checking the box can have on their organization. They take pride in their work; therefore, they thoroughly evaluate vendor due diligence and produce strong analyses that can be referenced by their team.
- They understand that doing vendor management the right way can be hard. It may not always be easy, but by not cutting corners and doing vendor management the right way, you’ll feel very rewarded and know the job is done well.
There you have it. These are just some of the attributes that we feel make a good vendor manager in the industry.
Again, I’m Kay Perry and thanks for tuning in. If you haven’t already done so, please subscribe to our Third Party Thursday series.