Properly managing third-party vendors is more important to your financial institution's health than ever before. Thankfully, Ncontracts is here to help you stay ahead of the pack - starting with some quick resources.
Third-party risk changes all the time. You may think you have it under control, but there is no area of risk management where a false sense of security is more dangerous. Your organization is vulnerable to risk from any aspect of a vendor's business - incomplete financials, lack of continuity plans, or spotty information security.
The cloud = someone else's computer.
What are the MAIN RISKS that your organization may encounter from third party sources?
Download our whitepaper and find out.
Vendors account for approximately 61% of data breaches - and that number is rising.
Good vendor management is an exercise in risk and relationship management. You want vendors that are dedicated to supporting your business. That doesn't mean you give them a peek at your business plan, but you might include key vendors in strategy discussions so you can benefit from their expertise. And rather than haggle over cost, you'll want to come together on value, work together to find solutions, and build long term relationships with vendors.
70% of organizations believe they are
underinvested in vendor management.
Are you one of them?
Underinvestment can take the form of budget - or it could mean lack of tools, time, strategy, and resources. If your team is overstretched, or you don't have the right tools for effective assessment, you are underinvested in vendor management. But the thought of implementing a whole new solution can be daunting.
You're on the right track. Software can increase assessment and decision making capacity by 171% over manual processes. Software also centralizes vendor management, so you can break down the silos and share info organization-wide.
Choosing the right solution is important.
Read about the 5 features your solution should have.
Have you thought about Nvendor, the complete vendor management solution?
"We needed a way to organize and centralize all documentation and set contract reminders and notifications. Ncontracts made a distinctive impression."
Kathie Scott - Vice President, Vendor Management Director at BancorpSouth
The majority of your vendors are outside the financial industry, so they may not share the same security standards. If a vendor makes a mistake, your organization can incur millions of dollars in penalties, and that's just the beginning. The cost impacts from negative PR and lost consumer goodwill are incalculable.
Why Did the OCC Fine Morgan Stanley $60 Million for Deficient Vendor Management?
Vendor's Keeper: How to Make Sure Your Third-Party Vendors Aren't Creating a Compliance Nightmare
Read the white paper.
Vendor management touches many aspects of your business. Want to learn more?
We have a ton more resources for you to utilize. Here are some of our most popular ones!