Vendor Management Policy - Free Policy Tuesday

Every Tuesday Continuity Engine releases a free banking policy for use by community banks and credit unions across America. These policies are made available through Creative Commons licensing so that banks and credit unions may freely remix and reuse the content to suit their individual financial institution's needs. When we release a new policy, the previous week's policy is archived on our community where it is always available for free to community members. In case you were wondering, membership in our community is always free for credit union folks and community bankers.

This week we are pleased to offer a Vendor Management policy that was provided by Jesse Torres, President and CEO of Pan American Bank in Los Angeles, CA. You can read more about Mr. Torres and his involvement with the Continuity Engine community in the post for episode 4 of Control Tv.

The purpose of the Vendor Management policy is to provide guidance relative to the management of vendor relationships. Senior management and the Board of Directors recognize that the development of relationships with vendors is established as a way for the financial institution to offer certain products and services without the need to develop the products and services “in house.” Such “outsourced” relationships benefit the financial institution through reduced costs, improved performance, increased business competitiveness, access to a superior knowledge base and the need for a limited in-house staff to support the financial institution’s business needs.

Please remember that this policy is only available for free on our website through August 24, 2009. If you are looking for a particular policy that you would like us to feature on a future Free Policy Tuesday, please let us know in the comments!