Finance

Prepare for the unpredictable. That may seem like an oxymoron to most, but for Procurement leaders at banks, insurance carriers and other financial institutions – mitigating the unpredictable is part of life. Regulations have stiffened significantly over the past five years, leaving businesses across the financial ecosystem responsible not only for their own behavior, but for the actions and performance of their vendors. Given the typical global bank can easily work with 30,000 – 50,000 suppliers, the complexity (and risk) is significant. Financial institutions have prioritized core third-party risks – such as financial viability and information security – for years. But what about how a vendor operates and runs its business or the relationships the vendor enacts on your behalf?