Trying to determine what area should own vendor contract management. What area in your bank handles this?

We are a small community bank- $280 million, and I wear many hats. I am officially the SVP of Marketing and over audit. I also am the GLB Officer which would include business continuity, disaster recover, third party risk, vendors and privacy. And did I mention Information Security Officer.

Tell us your bank size or some bank specifics and maybe we could make a recommendation.

we are a small financial services company and they placed this in the regulatory compliance division that reports to Legal. I feel this is a conflict and was wondering if finance where the bills are paid would be a better fit.

We are a 1 Billion bank and I (compliance) handle vendor management. It used to be done by our controller, but when I was hired, it was pawned off on me. I think it's mostly because I have a degree in finance so I can read financial statements, not because I'm in compliance.

I could see where it would report up to legal. For some of your larger vendors, legal should be reviewing the contracts. I have seen this area be placed in several areas of the bank. The most important part is a thorough review of vendor management is occurring.

$1.3B and jointly owned by IT and Comp.

My bank hired a specialist to handle vendor management for all departments and put them in the IT area, a fact that I am extremely grateful for since I had been told that if they didn't find one, I'd be doing it as a function of compliance.

$200 million in assets and I (compliance) handle vendor management. I also do business continuity and a few other IT related tasks.

I've only worked in larger banks ($20 billion to $200 billion). We had a dedicated third party risk management team.