Vendor Management Training And Certification

Vendor Management Training Courses

Outsourcing has become a valuable business practice in virtually every industry these days — and banking is no exception. Financial institutions now rely on third-party vendors to provide specialized consulting expertise to their customers, assist with processing transactions, implement internal and external controls and much more. By outsourcing these services, banks can reduce costs, improve quality and allow management to sharpen their focus on the institution's core business activities.

A drawback to outsourcing is that it introduces an element of risk. For instance, vendors often have access to sensitive customer data, which elevates the cybersecurity threat. Banks must implement stringent vendor management practices to protect their interests and safeguard their customers' information — and ensure regulatory compliance.

What Is Vendor Management?

Vendor management is the process of developing mutually beneficial working relationships with third parties, while also implementing effective monitoring and oversight practices. When executed properly, vendor management will allow financial institutions to maximize the benefits of outsourcing as well as mitigate the risks inherent to the process.

Our Vendor Management Training Courses Can Help You Meet The Challenge

Learn how to implement and manage a compliant Vendor Management program!

Increased regulatory focus on vendor management has placed a greater burden on financial institutions to build a compliant program that meets FFIEC Guidance and GLBA 501(b) requirements for 3rd party oversight. Bank Training Center offers a variety of convenient, cost-effective courses that will help you improve your vendor risk management practices - and stay in compliance.

Our Vendor Management training courses cover the key components of a compliant vendor management program so that you can build or augment your program to meet regulatory requirements.

What You'll Learn From Our Vendor Management Training Courses
  • Regulatory requirements
  • Vendor inventory (Determining which vendors belong in your program)
  • Due diligence (What to collect and what to do with it once you have it)
  • Risk rating
  • Contract review
  • Contract management
  • Ongoing monitoring
  • Reporting
  • Best Practices

Our Vendor Management Training Courses

Our suite of vendor management training programs will boost your knowledge and help you avoid the pitfalls that can lead to costly mistakes. Some of our courses may also assist in attaining the coveted Certified Regulatory Vendor Program Manager (CRVPM) or Certified Regulatory Compliance Manager (CRCM) certification.

Certified Regulatory Vendor Program ManagerCertified Regulatory Vendor Program Manager

The Certified Regulatory Vendor Program Manager (CRVPM) course provides you with the regulatory knowledge, implementation methodology, and the best practices required to build and manage a compliant program and properly prepare for regulatory exams and audits.

This vendor management certification course consists of seven information-packed chapters that cover everything from the history of the banking industry regulatory process to how to design and execute a successful vendor management initiative.

You also receive the CRVPM Reference Guide, which is updated throughout the year as new regulations, bulletins, and rules are issued and as new trends and best practices emerge.

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Certified Regulatory Vendor Program Manager - Level II, Advanced Course

This program boosts your knowledge by building upon what you learned in the Level I offering. You'll begin by learning a classic approach to vendor risk management that can serve as your program's baseline. The course then goes on to addresses the five components of the vendor management lifecycle including:Certified Regulatory Vendor Program Manager - Level II, Advanced Course
  • Outsource Planning
  • Vendor Selection/Due Diligence
  • Contract Management
  • Periodic Review and Oversight
  • Exit Strategy
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Vendor Site Visits

The best time to plan on how to end a vendor relationship is before it begins. A carefully considered and well-executed exit strategy can facilitate a smooth transition by reducing the impact of change when severing ties with a third party.

The course includes observations you should be making before you even set foot in the vendor's facility and questions that you should be asking once you arrive. We even dive into the intangibles that you should develop a feel for about the vendor's staff and their interactions with one another.Vendor Site Visits

Included Materials:
  • Course Workbook
  • Site Visit Planning Worksheet
  • Vendor Site Visit ScoreCard
  • Certificate of Completion
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Outsource Planning and Exit StrategyOutsource Planning and Exit Strategy

The best time to plan on how to end a vendor relationship is before it begins. A carefully considered and well-executed exit strategy can facilitate a smooth transition by reducing the impact of change when severing ties with a third party.

This course begins with a review of the regulatory guidance concerning Outsource Planning and Exiting a 3rd party relationship. It then provides a detailed study of the 12 key components of outsource planning, followed by an in-depth discussion of the issues which must be considered when Exiting or Transitioning from one 3rd party to another - or even bringing the service back in-house.

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Contract Issues & Exposures

Contracts are one area that poses a significant vendor risk management danger. Many financial institutions neglect to include crucial terms and conditions, increasing their liability exposure and leave them vulnerable to litigation — or prevents them from pursuing legal remedies when a vendor fails to perform. In too many instances, the oversight does not become apparent until it's too late.

This online course reviews the regulatory recommendations from all FFIEC agencies concerning contractual terms and conditions, as well as the issues and exposures that can result when the contractual bases aren?t thoroughly covered.Contract Issues & Exposures

You should take this course if:
  • If you think that a Statement of Work is as good as a contract
  • If you think that your vendor will take responsibility for its vendor relationships on its own
  • If you haven't thought about the data format, data integrity and fees for getting your data back from your vendor at end of contract term
  • If you haven't thought about requiring your vendor to comply with current and future regulatory requirements
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Why Choose for Your Vendor Management Training Needs

Bank Training Center has a proven track record of helping banking professions meet their training, licensing, certification and regulatory requirements. Our programs can provide the training and education you need to advance your career or stay compliant in today's constantly changing regulatory environment.

Select the right course for your learning objectives and place your order today. Feel free to contact us if you have questions or need additional information.
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What Is Vendor Risk Management?

Vendor Risk Management is the process of ensuring that the use of outside service providers and suppliers does not create a negative situation for the financial institution.

Negative situations include failure to meet with state or federal compliance requirements, potential cyber security issues, including those that affect the institution's operations or ability to handle transactions, and of course anything that could affect your institution's reputation!

Don't get us wrong: using outside vendors allow banks to utilize the expertise of others that can create benefits to the financial institution and it's customers. That said, Vendor Risk Management is the practice of evaluating these business partners, suppliers, and IT or other third-party vendors in order to reduce the potential of data breaches, data leaks, cyber attacks, or other issues.

What Is A Vendor Management Plan?

While financial institutions may receive benefits by utilizine outside vendors, the negative affects of legal, reputational, and financial risks may arise if these vendors are note properly vetted.

A Vendor Risk Management plan helps you to review and better-understand the potential risks that exist when using an outside vendor's products or services.

Essentially, a good Vendor Management Plan is a set of guidelines that allow your organization to identify, rate, and mitigate the risks that outside business partners pose to your organization - and it's customers.

Find Vendor Risk Management Training

The Bank Training Center offers several Vendor Risk Management training courses, including two Vendor Risk Management Certifications. Simply select one of the recommended training courses above to get started!

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