Independent Banker - December 2020 - 18

PORTFOLIO
Is it time to use a vendor
management platform?
Vendor Management
As community bankers,
wearing several hats is just
part of the job. But, with community banks having
more vendor relationships than ever, when is vendor
management a task better outsourced to a third-party
system? Here are questions to ask yourself.
By Cheryl Winokur Munk
ommunity banks often work with dozens-
even hundreds-of outside vendors. But procedural
headaches and regulatory requirements can make managing
a menagerie complicated. That's where a third-party vendor
management system can prove useful.
Working with a provider off ers community banks a
centralized approach to vendor risk management. This
18 Q ICBA Independent Banker Q December 2020
C
can include helping banks stay up to date with regulatory
requirements, segregate vendors by risk, monitor and
update contracts, onboard new vendors, and easily keep
track of important vendor details, such as their fi nancials
and cyber controls.
Years ago, banks didn't use as many vendors, and regulations
weren't as complicated. Nowadays, keeping up with
vendor management can be a full-time job. " The complexity
of trying to manage third-party risk is exponential today,
and oftentimes banks fi nd they need outside help, " says
James Hyde, CEO of Venminder, a provider of third-party
risk management solutions based in Elizabethtown, Ky.
To be sure, a number of community banks are still muddling
through the process manually, using programs like
Microsoft Excel or Word-or even manila folders-for
Photo by VPanteon/Getty Images

Independent Banker - December 2020

Table of Contents for the Digital Edition of Independent Banker - December 2020

Table of Contents
Independent Banker - December 2020 - Intro
Independent Banker - December 2020 - Cover1
Independent Banker - December 2020 - Cover2
Independent Banker - December 2020 - Table of Contents
Independent Banker - December 2020 - 2
Independent Banker - December 2020 - 3
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Independent Banker - December 2020 - Cover3
Independent Banker - December 2020 - Cover4
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