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Stay up-to-date by reading useful articles from industry thought leaders who tackle common challenges and discuss current or proposed industry regulations.

  • As part of our Venminder Thought Leadership interview series , we sit down with some of the industry’s most seasoned and sought-after thought leaders for their perspective and advice on third parties, mitigating risk, best practices, trends and more. Most recently, I had the opportunity to speak with Jenn Wilkinson, Vice President of Strategic Vendor Management at Cenlar.
  • Catch up on these latest third-party risk resources and articles our experts recommend during the month of July to make sure you're staying on top of the latest vendor management industry news.
  • The best approach to handling vendor questionnaire dilemmas is to find out what the problem is and come up with a solution. I know that seems simple, but I also know that sometimes third-party risk professionals fall into a bad habit of repeatedly knocking on a vendor’s door sending the same template request over and over again. Then, when that doesn’t work, they go right to escalation.
  • Why do we want to go into a relationship thinking about the exit?
  • There are a variety of reasons you may, at some point in the vendor lifecycle, need to have an actionable plan to replace the product or service the vendor is providing. In fact, you should have a plan in place before the situation even arises. It does seem counterintuitive in some ways to begin a relationship already envisioning the end.
  • We all know that trying to accomplish anything in the corporate world that involves the coordination of various departments can be a struggle. It’s especially difficult when it involves adding work that is outside someone’s normal course of operations, or when you’re trying to convince co-workers and people that outrank you and/or vendor personnel that the work you need them to do is imperative.
  • During vendor due diligence and oversight, take a look at that third party's consumer complaints. Often regulators reference the importance of effectively managing and understanding complaints at the vendor level and have specific guidance regarding the need to review policies and procedures of such partnerships.
  • When it comes to large-scale events, many tend to think if they have a business continuity plan , they’re golden and adequately prepared for a pandemic. However, if recent experience has shown us anything, it’s that business continuity planning business continuity (BCP), disaster recovery planning (DRP) and pandemic planning (PP) while similar, are not interchangeable.
  • Let’s discuss building out the framework of a vendor risk management program (or what’s sometimes referred to as third-party risk management program) from the ground up. You’ve joined an organization that lacks any sort of discipline around third-party risk – been there, done that! You have a Herculean task on your hands, so where do you start?
  • Let’s face it. The working world has changed a bit over the past few months. Many of us in the industry are mainly doing our jobs remotely, and at times, lacking access to things that we realize are back at the office. And to take it a step further, the regulatory examiners are also working remotely.
  • When it comes to third-party risk management, we cannot overstate how important it is to understand who your critical vendors are. For better or worse, they can have a significant impact on your organization. That being said, in order to best mitigate risk, your third parties should be ranked as critical or non-critical for business disruption and ranked high, moderate or low, on all regulatory items.
  • Very recently, on June 29, 2020, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2020-65, the Comptroller’s Handbook Booklet: Unfair or Deceptive Acts or Practices and Unfair, Deceptive or Abusive Acts or Practices.
  • A strong vendor management program is a sound business practice and can be critical to your organization’s success, but it’s also a lot of work. If you’ve ever caught yourself wondering how to liberate your organization’s vendor management program from the overwhelm, here are a few ways that can help create an independently functioning, successful vendor risk management program.
  • Often, we find that organizations operate their vendor management programs in one of three ways – centralized, decentralized or a hybrid of the two models. As organizations begin to mature, they naturally become more inclined to operate a centralized vendor management program. This is due to their desire to realize the efficiencies and consistency that comes with a more centralized program.
  • Read through these latest third-party risk updates and articles our experts recommend during the month of June to make sure you're staying on top of the latest industry news.