The Importance of Vendor Management Training Certification

by | Jul 29, 2015 | Education

The importance of vendors in business have increased manifold in recent years. Outsourcing and channel networks are grown, both in size and scope of work to enable businesses expand beyond their comfort zones. In an era of stiff global competition, managing these channels and vendors has become imperative. The regulatory focus on 3rd party oversight programs has increased steadily and vendor management has come to be under deep and continuous scrutiny. This has in turn created quite a demand for Vendor Management Training Certification that will create expert professionals who can build and manage compliant and comprehensive vendor management programs.

As mentioned above, tools like outsourcing has allowed companies to expand rapidly and at the same time created the need to manage these multiple vendors cohesively in order to maintain business equanimity. Big data and cloud computing are pitted against data breaches and information security risks all of which create the need for more specialized vendors to step and prevent loss of data or resources. What is needed a thorough program that will train officials to not only manage multiple vendors but do with full compliance and regulatory knowledge. There is not but many regulations to know and comply with, both at client side and the vendor side.

A Vendor Management Training Certification will allow professionals to garner GLBA 501 (b) and FFIEC Guidance regulatory knowledge along with CFP, OCC, NCUA, FDIC, and FRB Guidance. The training will equip them with the best practices and effective methodologies to build implement and manage perfectly compliant Vendor Management programs. It will also prepare one to anticipate and prepare for various regulatory exams and audits. There are various modules that go into the depth and history of regulations to their present day status. The first deals with the history of a number of regulatory acts, from the Glass-Steagall Act to the Gramm-Leach-Bliley Act.

The course then looks into regulations from multiple agencies and the method to comply with them, the benefits of such compliance despite the cost involved. The components and implementation of the vendor management program com next which is then followed by the exam and audit preparation. Multiple cases of security breaches have increased concern over the vendors’ business controls and their individual compliance with regulatory requirements. Along with the Training Certification students also get to learn about the best practices associated with any successful vendor management program and how to achieve them.

Compliance Education Institute (CEI) is a leading training and Education Company which offers Vendor Management Training Certification that is recognized industry wide.

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