Take Our Vendor Management Quiz

A vendor management program is critical to your bank's security and compliance with important regulations. Is your program solid enough to help you pass your next exam or will it be the reason you get you written up?

How many vendors does your financial institution have?

1-10

11-20

21-30

31-40

41+

What tool do you use to administer your vendor management program?

A Spreadsheet

We use our accounts payable / payroll software

None, really

A software designed specifically for vendor management purposes

Your vendor management program includes: (select all that apply)

Inherent risk ratings

Residual risk ratings

A list of ALL vendors, not just critical vendors

Periodic review of the list and all the data to ensure it is up to date and accurate

Comprehensive report to easily share with the Board and Examiners

Who is involved with maintaining the vendor management program?

Just me

A committee

It is assigned to one person, not me

No idea

How often is your vendor list reviewed for accuracy and updates?

Only when a vendor makes a change

Never

Every year

Every 6 months or more often

Only when we add a vendor

What are your motivations for having a vendor management program?

Government regulations

To protect my financial institution against inherent risks

To strengthen relationships with vendors

To identify and leverage efficiencies

Have you ever been given a MRA or MOU by an examiner regarding your vendor management program?

Yes, more than once

Yes, once

Nope, never

I dunno

Totally solid!

You are a Vendor Management Master!

Safe Systems would like to hear more about your Vendor Management program and share best practices with you to ensure your program is world-class. It's always a good idea to get outside validation and we would welcome the chance to learn from you too.

Not bad

Many community financial institutions like yours work hard to have a functional and compliant Vendor Management program. Even though you may pass your next exam, there's room to improve and strengthen your program. Check out this white paper to learn how you can better manage risks brought by vendors and ensure your bank is compliant with regulations.

Could be stronger

Your bank may be running the risk of a higher level of scrutiny during an exam. Every institution passes an exam or audit before they get written up. At some point, the Vendor Management program could be the breaking point. Safe Systems recommends having a third party audit your program to find efficiencies and make improvements to ensure a satisfactory result moving forward. Learn more about how we can help.

Let’s talk

A comprehensive vendor management program will help your bank avoid serious issues as well as strengthen relationships with all your vendors. Too many institutions are hearing from examiners on this topic to take a chance at your next exam. You may want to reach out to a vendor you trust or have Safe Systems review what you have for free to discuss the next steps. Contact us for a free evaluation.