How to Handle Problematic Third-Party Vendors
Many companies rely heavily on third-party vendors to help meet both contractual obligations and consumer demand. With such business relationships, however, comes the potential for disruptive natural and human-made events risks.
Even the most reliable vendors can suddenly and unexpectedly perform poorly, causing a previously healthy and mutually beneficial relationship to head south. When faced with such a dilemma, what can be done to fix a problematic vendor’s performance? And at what point is the decision made to terminate a relationship with a vendor?
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Topics:
Third-Parties,
monitoring,
vendor performance reviews,
Risks,
Reputation,
penalities,
brand,
suppliers,
SLA,
Problematic Vendors
How Much Vendor Oversight Should Your Company be Performing?
It’s a common practice for enterprises to conduct due diligence on any prospective third-party vendor. But why do so many organizations fail to regularly evaluate their existing vendors?
A poorly managed vendor oversight program can be a point of pain for any institution hoping to function smoothly and efficiently. Without a consistent program for managing vendor risk, banks and financial institutions, in particular, face non-compliance with government regulations. This can not only pose financial risks but can also diminish a company’s reputation.
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Topics:
Third-Parties,
vendor risk management,
risk alerts,
compliance,
Audits,
vendor,
oversight,
regulation,
monitoring,
regulators,
vendor performance reviews
7 Ways Automating Your Vendor Management Can Deliver ROI
Without a structured vendor management solution, your company is probably losing money every year from overspending on contracts with third parties. A solution to this is optimizing your vendor spend and reducing the amount of staff time spent on management. More and more companies are doing this by automating their vendor management, with options including web apps and cloud-based solutions that can handle most, or all, of these tasks with tools that offer a unique set of features.
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Topics:
Third-Parties,
due diligence,
risk management,
risk management simplified,
Configurable,
Transparency,
Automation,
Collaboration,
Return on Investment,
Audits
New tax plan is enabling many banks to invest in technology that helps them be more competitive. Vendor management is leading the way.
At this year's ABA National Conference for Community Bankers (NCCB), ABA President Rob Nichols
discussed how banks are already spending based on savings they'll see under the new tax plan. According to ABA polling, banks are reinvesting their projected tax savings in their employees, customer growth, philanthropic activities, and technology to help them gain a competitive edge. This is going to put pressure on other banks to invest or get left behind.
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Topics:
Competition,
ABA,
Third-Parties,
Banking,
Tax Plan,
Banks,
American Bankers Association,
ROI,
Vendor management
