Vendor Oversight

Vendor Monitoring

The BettenField Group provides continuous monitoring and oversight of vendor performance and industry-related developments to anticipate, evaluate, and mitigate outsourcing risk.

One of the greatest concerns for smaller banks in establishing a vendor management program is ensuring compliance to regulations created to govern larger institutions. The BettenField Group acts on behalf of financial institutions to outline, anticipate, and meet these regulatory monitoring requirements. In effect, we serve as an independent vendor monitoring department such as those that large financial institutions have access to, extending the compliance capabilities of a financial institution without unnecessary overhead. As part of our vendor oversight program, The BettenField Group analyzes an array of concerns, including, but not limited to:

  • Performance benchmarks
  • SLA and Contract Compliance metrics
  • External market environment
  • Comprehensive Audit requirements

We evaluate contract compliance to ensure contracts and SLAs function as performance benchmarks and statements of accountability. In addition, we work with our clients to implement a strong vendor monitoring program designed to ensure that the proper process and controls are in place to evaluate performance, compliance, complaint escalation, dispute resolution, and termination.

The BettenField Group provides continuous monitoring of service providers with the requisite documentation for management and regulators. We apply and document SLA and contract compliance metrics for performance objectively, guaranteeing that a record of vendor performance is available and presented to the necessary stakeholders.

We monitor the external market environments of service providers to better anticipate and mitigate risk. As the institution’s needs evolve over time in response to changes in regulation, economic performance, or competition, The BettenField Group can act as lead in revising contracts and SLAs to reflect the changes in the environment.

The BettenField Group can coordinate the monitoring of the service provider’s financial condition. The symbiotic relationship between vendors and the financial institution means that, in contracting with a vendor, the financial institution is sharing in the extant risks of the service provider.   Our guidance and documentation of the internal financial team’s analysis fulfill the comprehensive audit requirements.