Due diligence should be tailored to the importance of the third-party relationship. Certainly not every vendor demands the same level, and tailored for the complexity of the vendors product or service. More complex relationships require a wider breadth of due diligence and requires deeper digging. “Risk” profile should be carefully …

This applies as you consider what you really want from your overall Vendor Management Plan. To illustrate the point, I will use a comparison of building a house and building your Vendor Management Plan. PLANNING Much the way an architect draws up a plan for a house, you will need …

The workforce in the North American region has been increasing over the past couple of years. In this region, the focus is more on increasing the efficiency and productivity of the labor. This is because countries like the USA and Canada are developed countries with slow but steady growth after the economic recession. The …

Andrew Karpie and I have spent the past two days at Beeline’s customer event, speaking with dozens of people from all sides of the market — consultants, MSPs, customers and, of course, Beeline’s team, including a number of product managers. Andrew also attended IQNavigator’s customer conference the week before. At …

A company’s strategic vision and goals are, of course, carried out by its people. The first imperative of an organization’s managers and human resources (HR) team is to hire outstanding, productive and committed people that will get the job done. That’s the fundamental goal. The fundamental goal of a VMS …

The term vendor management is used to describe the activities in researching and sourcing vendor services. This may but not limited to, quotes with pricing, turnaround times, capabilities, and quality of work, negotiating contracts, managing relationships, assigning jobs, evaluating performance, and ensuring payments are made. It requires a lot of …

There are many “best practices” for managing your vendors, but the top 5 that come to mind are as follows. 1: Set expectations and define desires. Setting expectations and defining your desires should be part of the vetting process when you’re looking for a new vendor. Expectations, both internally and …

A well-managed vendor relationship will result in increased customer satisfaction, reduced costs, better quality, and better service from the vendor. When and if problems arise, rest assured that a well-managed vendor will be quick to remedy the situation. The time, money and energy used to nurture a positive vendor relationship …

Defining the importance of a vendor is important to any financial institution especially credit unions. Oversight and due diligence must be performed on a regular basis, and certainly much more on critical vendors. What group does that make up? Core processors, statement printing companies, check processors. Anything to do with …

Last week, we gave you three ways to strengthen credit union’s vendor management program. Today, we will give you the other three. Board of Director Involvement All successful outsourced relationships starts with having involvement from the Board of Directors and senior management. It typically starts with Information Security Officer (ISO) …