Third Party Thursday

SEPTEMBER 10, 2020

How to Maximize Your Third-Party Risk Management Budget

Podcast: Play in a new window| Download

You can take specific steps that will help you maximize even the smallest budget for vendor management. Listen to this week’s podcast for the top three tips we recommend to help you make the most of your organization’s budget.

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Podcast Transcript

Hi – my name is Mike with Venminder.   mike-campbell-circle-headshot-2018

In this 90-second podcast, you’re going to learn how to maximize even the smallest of third-party risk management budgets.

At Venminder, our team of third-party risk experts have worked in the industry for many years and we understand the amount of work and effort that goes into the third-party risk management budgeting process.

Here are three tips to help you maximize your third-party risk management budget: 

  1. First, automate your contract management. Think of all the tasks required in the contract management oversight process: there’s the RFP, ongoing monitoring and tracking important dates. When you automate, you’re going to ultimately reap a return on investment. There’s more time for other tasks, meaning you’re able to contribute more to your organization, and as a result, fewer missed deadlines, fewer missed contract dates and more money in your pocket.
  1. Second, create a roadmap. To really understand and maximize the budget you have to work with, you need to draft a vendor management program roadmap. Start with where your program is today and list out where you want your program to be. Think about what you’ll need for its progress and to meet or exceed regulatory guidelines.
  1. Third, communicate budget needs with senior management and the board. Remember, if you never ask, the answer is always “no.” Formally request the next budget include funds for the vendor management program and make sure to include an overview of how much the organization can save by giving you the requested budget. Do your homework! Your roadmap may help with this.  

There you have it. Automating contract management, creating a vendor management roadmap and communicating budget needs will help you maximize your third-party risk management budget. 

Thanks for tuning in; catch you next time!   


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