Case Study: Vendor Management

Our banking client had been consistently notified by regulators and auditors that its Vendor Management process and system were inadequate. The bank had purchased a Vendor Management software solution, but did not have a process in place to manage its list of over 1,200 vendors. After conducting an initial assessment internally, the bank engaged myTECQ to provide its assessment and recommendation.

Upon acceptance, myTECQ then provided the policy updates, procedure development and documentation and recommendations for ongoing management of the bank’s vendors. The bank initially planned to hire an FTE for the ongoing Vendor Management process. However, as the effort likely wouldn’t require a full-time resource, myTECQ was then engaged for the ongoing management of the Vendor process, at a cost of approximately 1/3 of what the bank had initially planned for the ongoing maintenance cost of an FTE for the process.