X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Vendor management is seen as a project for staying compliant and managing third-party risks. While compliance is imperative and being prepared for the examiner’s visit is essential, it is a sure way to incur cost without ever getting any real benefits from vendor management. The main objectives for any vendor management program should be improved vendor performance, reduced risk, reduced costs and compliance.

Vendor management projects should include a process to select, examine and manage the relationship with your vendors. All decisions should be based on strategic fit, vendor performance and cost. Vendor performance measurement needs to have some of the same rigor as your employee performance management. Future vendors should be chosen through a consistent vendor selection process. For existing vendors, do an annual performance appraisal to thoroughly evaluate performance. Promote the good ones, put the weak ones on a performance watch and fire the slow ones. Giving out a best vendor award may even be a very effective strategy to gain leverage.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Peter Westerman

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.