Third-party vendor management is all about managing risk. It’s an issue that regulators have been pressing for years, yet it seems that not every financial institution (FI) is getting the message. At least that’s my interpretation of the FDIC’s Office of Inspector General’s (OIG) recent review of 48 third-party service provider contracts between 19 FIs and their vendors. The reviews…
Sometimes, but it doesn’t replace the need for vendor risk management Some institutions try to simplify vendor management by picking the biggest vendor in each category. Going big lets them play it safe—or so they think. But choosing the largest vendor is no replacement for solid vendor management. Big vendors can offer a lot of […]
Due diligence is essential for acquiring financial institutions. It’s the only way to truly understand the value of the institution being acquired—and avoid unseen risks. That includes vendor management. Failure to thoughtfully combine cultures and vendors can hurt your institution’s bottom line—not to mention cause regulatory missteps or adverse risks. This webinar will show you […]
Due diligence is essential for acquiring financial institutions. It’s the only way to truly understand the value of the institution being acquired—and avoid unseen risks. That includes vendor management. Failure to thoughtfully combine cultures and vendors can hurt your institution’s bottom line—not to mention cause regulatory missteps or adverse risks. This whitepaper will show you how tackle […]
Every financial institution has hundreds of third-party service providers assisting them with their business operations. What if one or more of them wasn’t viable from a risk perspective? This whitepaper will help guide both novices and experts alike in building and managing successful vendor management programs.
The FDIC’s most recent regulatory guidance on vendor management has three significant takeaways for community banks. We have developed this whitepaper to help banks understand the guidance and apply the lessons throughout their vendor management processes.
This recorded webinar showcases Ncontracts’ vendor management solution, Nvendor, an industry-leading platform that enables financial institutions to reduce compliance expenses, lower the risks associated with vendor relationships, and decrease vendor fees through a unique combination of software and services.
Self-help gurus tell us to name our fears in order to conquer them. This naming process helps us to understand why we are afraid and make us feel in control of the situation. Perhaps that’s why so many in financial services have embraced the term RegTech. Bankers and credit union executives frequently worry about falling […]
Many financial institutions view vendors as a necessary evil, but extending a little trust to vendors goes a long way towards building a bridge to success.
Not every third-party vendor requires the same level of scrutiny, the Consumer Financial Protection Bureau made clear in its October 31 guidance update on risk management for third-party service providers. Supervised banks and non-banks have the “flexibility” to perform an inherent risk assessment on the third-party vendors to “allow appropriate risk management” of these relationships, […]