Your critical vendors can potentially have a huge impact on your institution when something goes wrong. Obviously, this isn’t news. They’re critical to your operations, usually have direct access and use of enormous amounts of non-public personal information. These vendors are crucial to your institution being able to serve your members or customers, and if something goes wrong your members and customers won’t blame your vendor – They’ll blame you.
Compliance is a critical component of your vendor management program. Done correctly, good compliance is a stepping stone to expense reduction.
A unique aspect of Maple Street’s revolutionary Vendor Advantage System® is our Street Smart due diligence monitoring services, which help our clients easily stay on top of the due diligence refresh process.
When it comes to due diligence, you can spend countless hours chasing down every possible risk, working yourself and your team into a frenzy. Or you can take a pragmatic approach and become more astute at knowing how to answer to examiners and follow compliance guidance, without losing sight of the purpose of vendor management.