Each Financial Institution has an ever increasing obligation to manage relationships with their crucial vendors.  Vendor management monitors risk while assisting the Financial Institution in obtaining the maximum benefit of their original purchase and ongoing support from their major processing vendors.

VENDOR MANAGEMENT PROGRAM

Some considerations for managing your vendors:

1) Maturity dates of technology contracts

• Organize and track contract facts.
• Be aware of notifications regarding the renewal of the contract.
  
  

2) Assess the offerings of other vendors regularly

• Compare your current software to new or improved versions from your current provider or other providers.
• Review functionality
• Obtain pricing on new products
• Talk with other banks using the software
  
  

3) Populate your strategic plan for the bank with ongoing management facts regarding your technology vendors.

• Software updates
• Training completed by employees
• Information obtained at a user meeting
  
  

 4) Assess the employees needs and abilities with the current software

• Review any current manual operation
• Discuss how new products can improve the employees job function
• Attend training for  new products and refresher courses on existing products
• Encourage open dialogue between other user banks
  
  

 5) Schedule periodic meetings with your technology vendors

• Discuss new products offered in the future
• Review integration
• Solve issues

Each of these items expand into detail that represents a great vendor management program for your Financial Institution. 

Our company reviews all vendors on a regular basis.  We interact with them daily and use this knowledge for your benefit. Vendor contract review is just great due diligence on your part and protects the financial institution.

Harper McNeil, Inc. can provide a vendor management program for your financial institution to maintain or we can assist in maintaining the program as well.