Five Questions Every Bank and Credit Union Should Be Asking About Their Vendor Relationships
Vendor management has matured significantly across the banking industry over the past decade. Most banks and credit unions have formal programs in place: dedicated oversight functions, documented processes, regulatory compliance. The infrastructure exists.What often lags is the quality of the questions being asked.Strong vendor management programs are built on more than policies and procedures. They're built on the right questions, asked consistently, at every stage of the vendor relationship. It's a theme we explore throughout The Upside of Third-Party Risk Management. The institutions that get this right are the ones whose oversight connects directly to how they operate, regardless of team size or technology investment.These five questions are a good place to start.1. Which...