The Bottom Line

Get to the bottom of all things banking with weekly expert musings from SRM. The Bottom Line takes what we hear from financial institutions, fintechs, and industry influencers - separating the news from the noise. We offer unfiltered observations and thoughtful forecasts responding to industry developments and trends as they happen, with emphasis on how financial institutions can better serve their stakeholders.

With Regulators Looking On, How Scary is Managing Vendor Risk?

Posted by Michael Carter on Oct 23, 2019 2:15:00 PM

With Regulators Looking On, How Scary is Managing Vendor Risk

The FDIC and NCUA each issued wake-up calls earlier this year pertaining to vendor management. While neither reflects a change in policy, both agencies emphasized their intentions to look more closely at banks and credit unions’ supply chain management and business continuity processes, particularly in the technology arena. The tone of the communications sounded as if the guidance was being offered as “helpful advice.” However, such guidance – regardless of the tone – should cause bank and credit union leaders to assume that, in the future, their practices in these areas will be an examination focus. Here are some thoughts that could provide some assistance in such an environment.

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Topics: Vendor Contract Management, Vendor management, Vendor Risk

Budgeting & Vendor Management Amid Election Year Chaos

Posted by Patrick Goodwin, President on Oct 16, 2019 12:30:00 PM

Budgeting & Vendor Management Amid Election Year Chaos

Buckle up: we’re in for a ride. Regardless of your political persuasion, all signs point to an extended stretch of market volatility as we head into the 2020 election cycle, which by many measures is already hitting its stride. The 2020 budget season is playing out against this backdrop, with budget-setters up against even greater uncertainty than usual. The question looms, as the political barrage reaches new heights in 2020how can banks and credit unions remain flexible to the economic variables? 

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Topics: Vendor Contract Management, Vendor management, AI, Artificial Intelligence

Does Experience Matter in Vendor Cost Benchmarking?

Posted by Michael Carter on Aug 18, 2019 9:00:00 AM

Does Experience Matter in Vendor Cost Benchmarking

Sports are one of America’s greatest pastimes, and anyone spending even half an hour watching them will likely exclaim, “How did that player do that?” Indeed, with the help of science, today’s athletes are dieted and trained to have bodies “made” for their sportModern athletes can achieve heights not previously seen. However, science alone does not guarantee the modern athletesuccess. 

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Topics: Vendor Contract Management, Vendor Cost Benchmarking, Contract Negotiation

What If Vendor Contract Management Could Save You Money?

Posted by Michael Carter on Aug 11, 2019 9:00:00 AM

What If Vendor Contract Management Could Save You Money

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? 

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Topics: Vendor Contract Management, Contract Tracking

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