'The Key is AP"
The key deliverables you need to for an A-grade VM process.
"Just call Dave, send over a contract, we will sign it. Oh, and make sure to let accounting know, thanks."
- The complete vendor management
process of FI's just a decade ago.
Risk ratings, vendor packets, process documentation, proper controls and sign-offs, onsite visits, cloud-based PII triggers, FFIEC updates, and board training. How expectations have changed!
Maintaining contracts in the filing cabinet, held out with the business units, or only an excel file stored on the f: drive listing your IT vendors will raise alarms.
Showing continuous improvement is daunting, but it can be broken down into reasonable achievements and documented progress.
Five steps, five control points, and five critical reports to management are a good start.
Tie it all back to AP, and your VM program is on the way.