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Review 'Fourth-Party Vendors' To Reduce Financial Institution Risk

Posted by Michele Rehm, Marketing Manager on Apr 21, 2016 7:00:00 AM

Just when you thought you had your arms around your vendor management program, auditors and examiners are now inquiring about your vendor’s vendors—or "4th-party vendors" as we refer to them in this discussion.

Why are 4th-party vendors important to your institution's safety?

Like you, your 3rd-party vendors are deeply reliant on some of their vendors, and these are the ones you need to concern yourself with to some extent. These vendors show up in your vendor’s SSAE-16 reports and should also be easily identified by your vendor as those classified as critical in their own vendor management matrix.

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Topics: Compliance, Vendor Management

When it Comes to Budgeting: Don’t Forget Vendor Management

Posted by Michele Rehm, Marketing Manager on Oct 13, 2015 8:00:00 AM

 

Bank or credit union vendor management programs that are still being managed manually with spreadsheets are not going to make the grade in today’s banking environment. Here are a few points to keep in your back pocket when you ask for vendor management budget dollars.

1. Demonstrate the Relationship Between Vendor Management and Risk

Vendor management is all about managing risk. Allocate too few dollars to it and you may regret it at some point in time. You need to demonstrate you understand it and have taken all reasonable measures to mitigate it. That can’t be an exercise in checking boxes any longer.

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Topics: Vendor Management

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