Most banking and mortgage professionals are either working without a vendor management program in their companies or have an inadequate program, according to a new survey conducted by Vendorly
In this survey, 59 percent of respondents said their company did not have a fully comprehensive vendor management program in place, while 33 percent of those with a program complained the existing system needed improvement. Furthermore, 36 percent of respondents said that the employee capacity to handle workload or vendor management was the greatest challenge their companies faced within vendor management, with 40 percent reporting they had three or more full-time employees dedicated to their vendor management program and 39 percent stating fewer than three people were assigned to the task. And 30 percent of respondents said their company monitors and assesses vendor performance annually.
“The importance of technology to drive efficiency, increase due diligence and further improve an organization’s vendor oversight processes is becoming a realization for many,” said Jim Vaca, Senior Vice President at Vendorly. “However, as the survey results show, even though many have identified the need for a vendor management solution, a surprising number have yet to adopt or implement the technology. Our solutions allow for financial institutions to move away from historic and inefficient vendor management processes and transition toward a multifaceted vendor oversight program to help them achieve more efficient management of the process using much less human capital than otherwise would have been required without our technology.”