First in a two-part series on vendor management.
When auditors inquire about an institution’s vendor management program, common responses they receive range from, “We have contracts, and we simply renew every year,” to “We have a general vendor policy, but we don’t have anyone responsible for vendor management.”
If these answers sound familiar to you, you’re not alone. Most small and mid-sized financial institutions have enough responsibilities running their own internal operations without adding the obligation of overseeing their service providers too. Moreover, implementing and executing a strong vendor management program can elude even larger institutions.
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Length: 2 pages (PDF 85 kB)