How available does all this data have to be? Immediate reports to satisfy examinations’ requests or what are the different ways they can request information?

I have not seen an expectation of immediate availability unless it is true account level information. If you’ve outsourced some sort of servicing, for example, you are expected to have on demand access to how your customers are being serviced, but in most areas it is sufficient to have monthly, or even quarterly, or in some cases annually, access to the information through reports. The key though is that it is not enough to get the information; you have to be able to document that it is received, it is reviewed, and is acted on as appropriate. If these reports are coming in and they are just being stuck in a file unread, that presents a lot of risks because there may be things in those reports that you need to act on or there may be glaring holes in those reports that you need to spot and follow up on.

Note: This transcript has been edited from the January 2015 vendor management webinar for clarity and completeness.

Answered By: Ben Olson