Learn how your peers are managing vendors and reducing third-party risk.
Financial institutions heavily rely on third-party service providers to offer specialized expertise and services to help improve the overall quality and efficiency of their organizations. However, outsourced relationships come with an extra level of risk that must be managed effectively to prevent security incidents and maintain compliance. While many institutions still use spreadsheets to perform this task, community banks and credit unions must look for better ways to calculate risk, determine critical vendors, track reports, and streamline vendor management processes.
In our white paper, we take a look at real-life examples from four Safe Systems customers sharing their challenges with vendor management and how automating this process has helped them to successfully achieve their IT, security and compliance goals. This paper also addresses key best practices for building and maintaining a secure vendor management program.
Major topics include:
- Regulations and reducing inherited Risk;
- Selecting and evaluating current and potential vendors;
- Understanding the SOC 2 report;
- Succession planning for vendor management; and
- Best practices for monitoring and tracking vendors.