Policy, Program and Procedures

Hello everyone,

We're in the process of creating categories for each of our vendor relationships. We're a financial institution, specifically, a credit union. Does anyone have a list of categories related to our type of business that they would be willing to share?

Current state, we don't categorize the types of products/service our vendor provides. How granular does your organization go to categorize these vendor relationships? For example, do you have categories such as Loan Origination Systems, Janitorial, Core, Software, etc. 

If someone is willing to share or provide insight, it would be greatly appreciated.

Thank you.

Hello everyone,

We're in the process of creating categories for each of our vendor relationships. We're a financial institution, specifically, a credit union. Does anyone have a list of categories related to our type of business that they would be willing to share?

Current state, we don't categorize the types of products/service our vendor provides. How granular does your organization go to categorize these vendor relationships? For example, do you have categories such as Loan Origination Systems, Janitorial, Core, Software, etc. 

If someone is willing to share or provide insight, it would be greatly appreciated.

Thank you.

Hello everyone,

We're in the process of creating categories for each of our vendor relationships. We're a financial institution, specifically, a credit union. Does anyone have a list of categories related to our type of business that they would be willing to share?

Current state, we don't categorize the types of products/service our vendor provides. How granular does your organization go to categorize these vendor relationships? For example, do you have categories such as Loan Origination Systems, Janitorial, Core, Software, etc. 

If someone is willing to share or provide insight, it would be greatly appreciated.

Thank you.

Hello everyone,

We're in the process of creating categories for each of our vendor relationships. We're a financial institution, specifically, a credit union. Does anyone have a list of categories related to our type of business that they would be willing to share?

Current state, we don't categorize the types of products/service our vendor provides. How granular does your organization go to categorize these vendor relationships? For example, do you have categories such as Loan Origination Systems, Janitorial, Core, Software, etc. 

If someone is willing to share or provide insight, it would be greatly appreciated.

Thank you.

Hi Neil,

I've been down this path a few times and would recommend you consider an industry standard like UNSPSC (UNSPSC > Home) to base your category listing on.  The reason I say this, a number of procurement systems for business spend management have adopted these categories for classification of products and services for ease in integrating when using third parties for punchout catalogs.  Although a bit of a different lens from categories for TPRM specifically, aligning TPRM categories with procurement classifications can help keep things uniform.  This being said, UNSPSC code (in example) are much more robust than you might need for a financial institution specifically.  You can of course scale back the types of categories and level of detail you use.  If you do choose to go a different path, consider to the extend you may want to segment your products and services to best categories for the purposes of your program.

Hello everyone,

We're in the process of creating categories for each of our vendor relationships. We're a financial institution, specifically, a credit union. Does anyone have a list of categories related to our type of business that they would be willing to share?

Current state, we don't categorize the types of products/service our vendor provides. How granular does your organization go to categorize these vendor relationships? For example, do you have categories such as Loan Origination Systems, Janitorial, Core, Software, etc. 

If someone is willing to share or provide insight, it would be greatly appreciated.

Thank you.