Independent Banker - December 2021 - 32

PORTFOLIO
◎FOCUS VENDOR MANAGEMENT
4 tips for better
vendor management
Community banks use dozens or even hundreds of vendors-
making it critical that they have an efficient way to stay
compliant, track performance and more. Some banks are using a
combination of software and internal personnel and systems to
do just that. By Cheryl Winokur Munk
here's a host of regulatory
guidance when it comes
to vendor management, but
community banks also have wiggle
room to craft their own policies.
Managing all of your bank's
vendors can be a tall order,
especially for community
banks that rely on dozens or
even hundreds of vendors.
That's why some are turning to
vendor management providers
to help them satisfy regulatory
requirements, better onboard new
vendors and more.
A third-party vendor
management system can be
especially helpful when it comes
to managing contract renewals,
thanks to automated alerts. Many
community banks rely on Microsoft
Excel to keep track of vendor
relationships, but that method can
be prone to human error, which
can have major consequences.
" If you inadvertently allow a
contract to renew and the bank
is extremely dissatisfied, you're
locked in, " says Matthew Gallman,
vice president and enterprise
risk officer at $960 million-asset
Drummond Community Bank in
Chiefland, Fla.
T
Make it somebody's job
In addition to its vendor
management platform,
$2.2 billion-asset 1st Security
Bank of Washington in Mountlake
Terrace, Wash., employs designated
vendor managers who are each
responsible for five to 20 vendors.
The bank works with about 400
vendors, so it also employs a
centralized vendor management
team of four staffers to monitor
contracts and vendor onboarding,
says Mia Makanui, vice president
of vendor and project management.
Devoting an area of the bank to
28 Q ICBA Independent Banker Q December 2021
Photo by Jorg Greuel/Getty Images

Independent Banker - December 2021

Table of Contents for the Digital Edition of Independent Banker - December 2021

Table of Contents
Independent Banker - December 2021 - Intro
Independent Banker - December 2021 - Cover1
Independent Banker - December 2021 - Cover2
Independent Banker - December 2021 - Table of Contents
Independent Banker - December 2021 - 2
Independent Banker - December 2021 - 3
Independent Banker - December 2021 - 4
Independent Banker - December 2021 - 5
Independent Banker - December 2021 - 6
Independent Banker - December 2021 - 7
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Independent Banker - December 2021 - Cover3
Independent Banker - December 2021 - Cover4
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