Supplier Relationship Management Banks

Supplier Relationship Management Banks

Supplier Relationship Management within the Banking and Finance Industry

Supplier Relationship Management reduces risks for banks

Now, more than ever, third-party relationships are being redefined to ensure national, regional, and community banks and savings associations are reducing risks and providing more oversight of suppliers who manage critical activities for their company.

In a highly regulated environment, it can be challenging for banks and financial entities to manage suppliers effectively under the guidelines of the Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Board (CFPB), FDIC, and FFIEC.

To best support these new regulations, banks are increasingly turning their attention to improving supplier management practices. However, many continue to fall short in developing the supplier life cycle processes needed to manage third-party risk in accordance with increasing regulatory standards – specifically coming from OCC Bulletin 2013-29 and CFPB Bulletin 2012-3. These regulations are not overly prescriptive in telling the banks how to manage the supplier life cycle, making it difficult for banks to know if they are managing suppliers adequately, or if they are going above and beyond the necessary protocols. Source One’s Supplier Relationship Management (SRM) services can help.

Source One recognizes the importance of SRM for banks and financial institutions. SRM helps organizations maximize the value for existing supplier relationships beyond the initial strategic sourcing initiative and contract signature. Implementing SRM into your bank will help reduce risks with third parties, ensure the integrity of your data, gain clarity into supplier processes and practices, help avoid unnecessary fines and mitigate reputation risks.

Even more so, we can couple our supplier management and sourcing services, taking you through the entire life cycle process of third-party risk management. From start to finish, Source One can help you engage your suppliers accordingly to the eight major elements in the OCC guidelines, including:

The OCC’s new guidelines for banks and Federal savings associations require increased resources to implement and maintain. With proper guidance and supplier relationship management, Source One can produce the results needed to adhere to these new OCC requirements.

Contact us for help with your bank’s third-party risk management needs.

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Supplier Relationship Management

Building the Case for SRM

Supplier Relationship Management (SRM) can offer a competitive advantage for any business – from banks to pharmaceutical companies. SRM expands the value of strategic sourcing beyond the contract signature, enhancing the supplier relationship for a greater return on investment. Source One’s SRM Insights Report details the value of SRM and the steps a company can take to implement a program.
To download a copy, click the link below.

SRM Insights Report

Strategic Sourcing

Expense Reduction for Banks

Banks today have many challenges. From mergers and acquisitions to more stringent credit standards, banks have had to look inward to reduce costs. Source One’s strategic sourcing experts understand the unique challenges that banks and financial institutions are facing, and can help reduce spend, source and negotiate with suppliers, and improve efficiency.
To learn more about sourcing services for banks and financial institutions, click the link below.

Strategic Sourcing for Banks