Outsourcing this vital exercise makes good business sense.

Meeting FFIEC Guidelines for Management of Strategic Vendors requires a vendor management process to measure and audit all strategic vendors in every area of the institution (Finance, Operations, Technology, Facilities, etc.). The Service Level Agreements (SLA) within each contract need to be examined for the following items:

• Contractual term and renewal steps
• Timeframes or measurements for delivery of products or services
• Provisions for handling errors, omissions, or outages
• Credits from the vendor for not meeting the agreed-upon Service Levels
• Contract cancellation process

This exercise needs to be implemented on a scheduled basis by industry-experienced professionals who examine each vendor’s current financial status, market segment and risk assessment. Not only do most financial institutions not have the internal resources to allocate, but they also have more immediate priorities. Fortunately, there is there an easy and affordable solution.

CCG Catalyst can assume this responsibility and provide management with a team of proven financial consultants that will oversee this program and provide executive management with periodic comprehensive reports and consultative assistance on an as-needed basis.x