Vendor management is more intensive than ever before, thanks in large part to the ever-changing regulatory landscape. Today we take as many preventative actions as possible to avoid security breaches and risk associated with regulations like the TCPA, FDCPA and FCRA. Many companies identify vendor management as a major pain point considering the amount of time it takes for these processes. The pain equals time, resources and ultimately money.
Mitigating risk is now the name of the game in vendor selection and management. Security questionnaires for potential partners can stretch to hundreds of questions, covering topics ranging from data encryption to disaster recovery plans to visitor policies. Once these documents are completed, legal and compliance teams review the packet in search of any alarming responses or comments that need more clarification.
Each additional partner brings another potential source of risk, despite all the effort and processes designed to screen partners. So what choice do you have? How do you ensure that you poise your company for success, yet remain complaint and proactive?
We operate on both sides of the vendor management spectrum. We regularly partake in security assessments, physical site inspections, audits likes PCI-DSS, ASV scans, contract negotiations and more. Data security and regulatory compliance is very important to us.
Over time, we’ve discovered the real question becomes “do we have the right vendor partnerships?” We’ve found a desire to maximize partnership value applies in each space where our business operates. Instead of a large pool of generalized vendors, having key strategic, niche partnerships allows for greater engagement and transparency between the partners. Those forces help identify potential problems so both partners can work to eliminate risk.
In today’s regulatory landscape, the best choice lies in highly valued strategic partnerships, where a transparent and engaged partner can help a company stave off regulatory fines, disastrous security breaches and brand reputation.