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What Is Vendor Risk Management?Vendor Risk Management is the process of ensuring that the use of outside service providers and suppliers does not create a negative situation for the financial institution.Negative situations include failure to meet with state or federal compliance requirements, potential cyber security issues, including those that affect the institution's operations or ability to handle transactions, and of course anything that could affect your institution's reputation! Don't get us wrong: using outside vendors allow banks to utilize the expertise of others that can create benefits to the financial institution and it's customers. That said, Vendor Risk Management is the practice of evaluating these business partners, suppliers, and IT or other third-party vendors in order to reduce the potential of data breaches, data leaks, cyber attacks, or other issues. What Is A Vendor Management Plan? While financial institutions may receive benefits by utilizine outside vendors, the negative affects of legal, reputational, and financial risks may arise if these vendors are note properly vetted. A Vendor Risk Management plan helps you to review and better-understand the potential risks that exist when using an outside vendor's products or services. Essentially, a good Vendor Management Plan is a set of guidelines that allow your organization to identify, rate, and mitigate the risks that outside business partners pose to your organization - and it's customers. Find Vendor Risk Management TrainingThe Bank Training Center offers several Vendor Risk Management training courses, including two Vendor Risk Management Certifications. Simply select one of the recommended training courses above to get started! | |||
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