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Vendor Management 2014

By Dan Hadaway | Tuesday, July 8, 2014 - 2 Comments

Mark your calendars! Dan Hadaway will be delivering a workshop with the Indiana Bankers Association to outline what makes an effective vendor management program. The workshop will be on August 21st starting at 9:00 AM and ending at 4:00 PM.

For information on how to register, visit the IBA’s website.

Sharpening Your Vendor Management Tools

Because financial institutions rely heavily on vendors to perform tasks involving confidential information, the FFIEC makes us responsible for governing the vendor process. An effective vendor management program will identify, measure, monitor, control, and escalate the risks associated with vendor relationships. Meanwhile, the tools we use to measure vendor risk are improving. The SAS70 is being replaced with the SSAE-16. Service Organizations Control (SOC) reports are internal control reports on the services provided by a service organization. SOC reports provide valuable information users need to assess & address the risks associated with an outsourced service. In addition, examiners are clarifying what is meant by a Critical Vendor, and the tools we use to manage the vendor due diligence process have improved.

This workshop answers several questions:

  • What should I do to evaluate a SSAE-16?
  • What’s the difference between a SOC-1, SOC-2, and SOC-3 report, and should I care?
  • What are the true risks that arise from third party vendors?
  • What does the FFIEC say about vendor management, and how much of that applies to our bank?
  • What is the TSP program and can I rely upon it?
  • How do I order a TSP ROE?
  • What training should I provide to my “vendor owners” and how can I streamline their job in this?
  • What controls should I be looking for when I review a vendor?
  • How well do the automated vendor management programs work, and which ones do examiners see often in the Midwest?
  • What vendor risk must be escalated to the board of directors, and how do we do that?
  • How do we prevent against “rogue technology acquisitions?”
  • What due diligence must be performed on cloud providers?
  • How do we ensure this doesn’t take on a life of its own?

Seminar Topics

  • Risk Management Basics
  • Vendor Risks
  • Governing Threshold
  • Policy and Procedure
  • Enlisting Vendor Owner Support
  • The SSAE-16 Review Process
  • The Due Diligence Process
  • New Vendors
  • Annual Review
  • Streamlining the Process
  • What are other banks doing?


  • Vendor Management Document Kit
    • Vendor Management Policy, Procedure
    • Due diligence checklists, risk reporting tools
    • Contract Review Checklists, SSAE-16 Review Checklists
  • Boilerplates and templates to create your own program

IBA Center for Professional Development
6925 Parkdale Place
Indianapolis, IN 46254

Register here.

2 Responses to “Vendor Management 2014”

Comment from Marshell
Time 07/25/2014 at 7:27 pm

Will this be available as a webinar? or recorded and available by CD

Comment from Dan Hadaway
Time 08/17/2014 at 1:10 pm


We are considering hosting a vendor management webinar in the future. We’re thinking it would need to be a series of three 90 minute webinars.

For now, it’s at the Indiana Banker’s Association. Another workshop has been scheduled for 10/23/14 if you can make that.

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