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Vendor Management

Financial Institutions Join Forces for Vendor Management Compliance

Financial institutions often rely on outside vendors to provide information technology services.  While doing so often provides economic efficiency and quicker technological innovation, the risks associated with outsourcing information technology services are significant.  Institutions must develop strong vendor management programs to ensure the safety of their customer’s personal information. Several large financial institutions have come together to create a new consortium to perform vendor and partner due diligence.