Unit 19: Vendor Management: What the Board Needs to Know
A typical bank works with scores of vendors, but working with the wrong vendor can put the bank at risk. A data breach through, or corporate misbehavior by, a vendor can result in fines and damage the bank’s reputation. As banks seek efficiency, they can cut costs by restructuring vendor contracts. This video outlines regulatory expectations for vendor management, provides insight about how your bank can strengthen its vendor management process and details the board’s role, including questions the board should ask about the bank’s vendors. Topics include: Recent Regulatory Guidance & Expectations Board Responsibilities Developing a Vendor Management Plan...
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