It's no secret that with vendor management, comes many challenges. Throughout the year we asked credit unions specifically what those challenges were for them. Here's a recap of what those credit unions have been frustrated over in 2015. Are you also facing any of these going into 2016?
Here is what people had to say:
"Contracts"
- $140+ million credit union
"Keeping track of which documents have been received from each vendor"
- $550+ million credit union
"Time constraints to do all the things examiners want us to do"
- $25+ million credit union
"Having the time to put it together and doing it right."
- $290+ million credit union
"Managing IT - vendors continually sending info to our credit union"
- $25+ million credit union
"Contract negotiations, to include required language from our corporate sponsor. As a result, it takes MONTHS to approve a contract, if it gets approved"
- $160+ million credit union
"Getting those who manage the relationship to update and manage the files"
- $420+ million credit union
"Tracking contracts/agreements expiration dates"
- $260+ million credit union
"Obtaining up-to-date SOC1 reports"
- $110+ million credit union
"Going through the piles of reports"
- $25+ million credit union
"CFPB changes and ensuring we are compliant"
- $50+ billion credit union
"Automating the VM process from beginning to end"
- $750+ million credit union
"Knowing if what we are doing will satisfy auditors"
- $5+ million credit union
"Due diligence"
- $45+ million credit union
"Risk assessments on all vendors"
- $60+ million credit union
"Time"
- $15+ million credit union
"Finding contractual information from my vendors - auto renewal contracts have resulted in my not being able to find out when the contract end dates are, or what the notification period may be for leaving a vendor"
- $8+ million credit union
"Doing my third party file updates"
- $130+ million credit union
"We have a large amount of third parties providing vital services to our members - having a better picture of how these firms are doing will assist us in selecting new vendors going forward"
- $1+ billion credit union
"We are very small and there is very little time for vendor management"
- $6+ million credit union
"Keeping them all straight"
- $30+ million credit union
"Annual reviews"
- $250+ million credit union
"Tracking combined contracts under master agreements"
-$600+ million credit union
"We don't have a program set up yet"
-$10+ million credit union
"Distributed vendor relationship owners and ongoing due diligence"
-$2+ billion credit union