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#1783902 - 02/07/13 08:25 PM Vendor Management
SUSANE1 Offline
Platinum Poster
Joined: Mar 2008
Posts: 808
Can anyone suggest a Vendor Management firm to outsouce our VM program ?
Or if Internal... checklists of what to look for, view, assess?

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Risk Management
#1784519 - 02/09/13 04:01 PM Re: Vendor Management SUSANE1
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,474
Midwest
I have some vendor management stuff that I don't mind sharing. I have an excel sheet I use to keep track of our vendors and what due dilligence is performed and how often reviewed. We are FDIC, they have have been pleased with it.

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#1787277 - 02/19/13 05:48 PM Re: Vendor Management SUSANE1
*W*W* Offline
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Joined: Feb 2010
Posts: 835
Our IT auditor handles the IT Mission Critical vendor audit, but my compliance audit firm doesn't audit our overall vendor managment program.

Is this typical?
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#1787574 - 02/20/13 04:08 PM Re: Vendor Management SUSANE1
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
We usually have a an independent IT audit each year, and they usually include the overall vendor management program in there audit.

Their main focus is on critical vendors which are generally all IT related vendors but do look at our due dilligence on other vendors as well.

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#1796408 - 03/19/13 09:11 PM Re: Vendor Management ahkcompliance
MDJPSB Offline
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MDJPSB
Joined: Mar 2013
Posts: 3
Would you mind sharing your vendor management spreadsheets? I am starting a more organized program and am not sure what exactly should be included and/or monitored....

Thanks!

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#1800765 - 04/03/13 03:56 AM Re: Vendor Management ahkcompliance
Needs To Know Offline
Member
Needs To Know
Joined: Jun 2003
Posts: 80
Someplace Warm
I am interested to know what due diligence you review and how often you review it. We are coming up on our first FDIC Compliance Exam and want to be prepared!

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#1801199 - 04/03/13 09:05 PM Re: Vendor Management SUSANE1
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
Critical vendors are reviewed annually and obtain the SSAE 16 report. I will look for any bad publicity from the vendor by doing search, financials, insurance, changes in company (key management), etc.

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#1803315 - 04/10/13 05:29 PM Re: Vendor Management SUSANE1
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 4,344
New York City
Critical vendor systems (those deemed necessary to actually run the bank) are monitored and reviewed by IT. As part of an BSA/AML audit, Vendor Management for AML systems will be looked at. I would look for contracts to be signed by both parties, obtaining the most current SSAE or financials, negative news searches and have any site visits been conducted.
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#1826779 - 06/24/13 07:46 PM Re: Vendor Management ahkcompliance
mlongbons Offline
Junior Member
Joined: Jun 2012
Posts: 28
Originally Posted By: ahkcompliance
I have some vendor management stuff that I don't mind sharing. I have an excel sheet I use to keep track of our vendors and what due dilligence is performed and how often reviewed. We are FDIC, they have have been pleased with it.


ahkcompliance I would appreciate any information you can supply. Thanks. My email is mlongbons@bankofwolcott.com

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#1834934 - 07/22/13 12:56 PM Re: Vendor Management SUSANE1
DDPAND Offline
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Joined: Dec 2006
Posts: 207
ahkcompliance: I would also like for you to send the spreadsheets as well. I have sent you a message with my e-mail address.

Thanks

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#1836415 - 07/25/13 04:24 PM Re: Vendor Management SUSANE1
StacyNBS Offline
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StacyNBS
Joined: Jan 2013
Posts: 20
Connecticut
We just learned about a product called Venminder by Digital Compliance recently that could help you manage your program from a tool perspective. It's pretty intuitive and much less cumbersome than spreadsheets, but also more money.

And of course there are a number of consultants out there who can help you set up a good program.
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#1836733 - 07/26/13 01:51 PM Re: Vendor Management SUSANE1
SUSANE1 Offline
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Joined: Mar 2008
Posts: 808
We ended up outsourcing the Vendor Mgmt program, but at a recent webinar it was pointed out that examiners are requesting how complaints from consumers to our Vendors are tracked? Has anyone else had this come up? One attendee said she looks at the Better Business Bureau to see if any of the vendors have had complaints. Is this stretching it or a critical part of the Vendor Mgmt program?

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#1837528 - 07/30/13 12:57 PM Re: Vendor Management SUSANE1
StacyNBS Offline
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StacyNBS
Joined: Jan 2013
Posts: 20
Connecticut
I have heard that as a point of interest before. For your own complaints, you can track those, along with any remedies, in your own system. For other customer complaints, you can use minutes of any user group meetings, or you can set up a google alert to notify you of any chattering on the web.
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#1839044 - 08/02/13 06:15 PM Re: Vendor Management SUSANE1
RR Jen Offline
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RR Jen
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Running and riding everywhere ...
I've heard the recommendation recently as well, as far as including it in your contract, especially for vendors that are in contact with your customers.
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