Insights

Vendor Management and Hot Dogs

Vendor Management and Hot Dogs


Sep 27, 2017
Financial Institutions

Hot dogs. I don't eat them often, but when watching the Chicago Cubs at Wrigley Field or attending an occasional minor league game, it's what I look forward to. It completes the baseball experience. It's American.

There are many types of hot dogs, but the Chicago-style hot dog is my favorite. The Chicago-style hot dog is a steamed, kosher-style, all-beef, natural-casing hot dog on a steamed poppy seed bun, topped with yellow mustard, chopped white onions, a dill pickle spear, tomato slices, Chicago-style relish, hot sport peppers, and a dash of celery salt. No ketchup. (I'm pretty sure it’s a law in Chicago that you can't put ketchup on a hot dog.)

 

But I have friends who will not eat a hot dog. I've witnessed them take on a form of snobbery when they describe obscene ingredients. Then they will discuss their theories about how they are made. Yet when we were growing up, we all ate them in many different dishes (i.e., SpaghettiOs®) and survived. Frankly (pun intended), I don't want to know the ingredients. I love the taste. There are some things in life that should remain a mystery.

 

However, third-party risk management should not be a mystery. Financial institutions continue to shift their IT strategies to IT outsourcing. Your programs and data are running on other people's computers. How well are they protecting your customer information against cyber criminals? Can their data centers withstand a hurricane? Do they understand financial institution regulatory compliance? What you don't know in these cases can hurt you. The FFIEC and various regulatory agencies have provided guidance for third-party risk management. Let Wipfli help you determine the adequacy of your vendor selection process and ongoing monitoring.

 

Author(s)

Mark Scholl
Mark Scholl
Illinois Market Leader
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