Vendors, compliance, risk – OH MY! The burden of vetting vendors and ensuring that they do not introduce unacceptable risk to the organization falls squarely on the shoulders of financial institutions.
The cost of regulatory compliance in financial services is far from stagnant. In a report by Thompson Reuters, 54% of the respondents in the United States expected increases in cost to their compliance budget. As the time and money for regulatory compliance grows, what if vendor contract management could save you money (or even make you money) instead of always being that loud “sucking sound” you hear?