Complying with regulations on third-party oversight represents an urgent imperative for banks and financial services firms. Oversight of any given third-party provider involves a number of functions and business units with widely varying priorities and areas of focus, and requires clearly delineating lines of responsibility and ownership.
A Vendor Management Office (VMO) can play a critical role in addressing the challenges of regulatory compliance. Uniquely positioned to facilitate communication and transparency among myriad entities, the VMO can help establish a sound compliance framework as well as manage multiple touch points and ensure process discipline over the long term.
This ISG white paper describes recent developments in the regulatory space and their implications for financial services organizations. The author analyzes the process of leveraging the VMO to establish an effective foundation for compliance, focusing on the specific phases of Planning, Due Diligence and Contract Negotiation.
About the author
David England
David offers over 25 years of experience in information technology outsourcing with extensive experience in vendor management, change management advisory services. David has provided outsourcing advisory services for a number of clients supporting RFP development, provider selection retained organization design, vendor governance and obligation management. David has been with ISG for over 6 years. Prior to ISG, David had Account Management responsibilities at EDS and was a Business Process Reengineering consultant at A.T. Kearney. David has extensive international ITO experience and spent more than 11 years in Asia where he led numerous business transformation and IT transition projects.
