We talk a lot about the horrors and headaches of vendor risk management, but the reality is that most financial institutions wouldn’t be able to meet their customers’ needs without their third and fourth-party vendors. So in the spirit of Thanksgiving, we give you five sincere reasons to say “thank you” to your vendors this month:
1. Thank you for working with us to create a mutually beneficial relationship built on mutual trust.
2. Thank you for providing accurate documents and information in a timely manner—Bonus: especially when it’s without even being asked!
3. Thank you for maintaining consistent, open communication between our parties.
4. Thank you for playing fair and not attempting to get the real advantage when it comes to putting together contracts.
5. Thank you for acting as an extension of our institution in order for us to provide our customers the level of service they expect.
Vendors don’t typically receive words of appreciation, so if you’ve got some good ones in your corner, take a moment this month to let them know they’re doing a good job! Tis the season after all, and a little encouragement is sure to go a long way in the quality of your relationship.