Board Reports Shouldn't Be a Mystery Novel-Lead with the Executive Summary
Here's a scenario we've all lived: You've spent hours compiling vendor data, creating charts, and building the perfect board report. You present 30 slides of detailed metrics. And halfway through, you see the glazed-over eyes. They're lost in the data, and your key message got buried on slide 17.
Here's the fix: Start with an executive summary that distills your key data points into an easy-to-read narrative. Think of it as the "TL;DR" for your board-the must-know information up front, before diving into the details.
Why it matters: Vendor management reporting to the board isn't just a best practice-it's a regulatory requirement (OCC Bulletin 2013-29, FDIC FIL-44-2008, HIPAA, SOX). But beyond compliance, effective reporting drives action. When your executive summary highlights significant matters involving critical or high-risk vendors first, you ensure decision-makers focus on what actually needs their attention.
Your action item: Restructure your next vendor management report using this flow:
- Executive Summary (the critical stuff: issues, changes, concerns)
- TPRM Dashboard (visual snapshot of program health)
- Supporting Details (additional charts, metrics, and individual dashboards)
Pro tip: Use the same format every time. Consistency helps your audience know where to look for specific information and makes it easier to spot trends or changes quarter over quarter.
We want to hear from you!
How do you structure your vendor management reports for the board or senior management?
- Do you lead with an executive summary, or dive straight into the data?
- What's your reporting frequency-monthly, quarterly, or something else?
- What's one metric or data point that always gets your board's attention?
- Have you ever had a report fall flat? What did you change to make it more effective?
- What's the biggest challenge you face in vendor management reporting-getting the data, presenting it, or getting leadership to act on it?
Drop your reporting strategies and hard-won lessons below. Your approach might be exactly what someone else needs to finally get their board engaged!
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