WE MAKE IT EASY LET OUR TEAM HELP YOU SECURE THE DEAL AND LOWER YOUR RISK • UP TO 90% OVERALL FINANCING • UP TO 25 YEAR TERM • FIXED-RATE PREFERREDLENDINGPARTNERS.COM | 303.861.4100 Leveraged financing and refinancing of owner occupied real estate and long-term equipment. Most for-profit small businesses eligible. SBA defines businesses with net profit after tax <$5.0 Million and tangible net worth <$15.0 Million as small. SBA 504 That’s a lot of work, but for most organizations, this only needs to be completed on one or two vendors, and rarely more than five. 5. Don’t Go Overboard with Vendor Due Diligence Policies One of the most common mistakes in vendor management is making the program unmanageable. This often stems from a misunderstanding about what is expected, resulting in unrealistic, unsustainable expectations, reducing the effectiveness of a vendor management program. Understand the “why” behind every document requested and every question asked. continued from page 15 Rather than using cookie-cutter lists of hundreds of questions, only ask those relevant to your due diligence procedures. Comprehensive Vendor Management is Achievable – and Necessary While time-consuming, it’s in your institution’s best interest to ensure that general vendors have been appropriately vetted, that Confidential/Sensitive Data vendors can protect your sensitive data, and that Strategic vendors can perform their critical functions. Otherwise, the penalty could come in the form of both lost business and compliance violations – a double whammy no business wants to face. Steve Sanders serves as CSI’s chief information security officer. In his role, Steve leads CSI’s information security vision, strategy and program, and chairs the company’s Information Security Committee. He also oversees vulnerability monitoring and awareness programs and information security training. With more than 15 years of experience focused on cybersecurity, information security and privacy, he employs his strong background in audit, information security and IT security to help board members and senior management gain command of cyber-risk oversight. coloradobankers.org 16
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