Vendor Management
VM-07Route vendor incidents and issues, and report material ones to the bank
How Leela would run itEvent-driven · on each vendor issue; promptly to the bank for critical providers
From the policy libraryThe requirement
Vendor performance failures, security incidents, regulatory matters, and other concerns enter the Issues Management process with a severity and a response, and material issues affecting a critical service provider are reported to the sponsor bank as they arise rather than at the annual review.
- Applies
- Tell Leela about your company to see whether this applies.
- Status
- Setup needed
Tell Leela how you handle it today, or hand it over: see what’s next.
The work
Log the issue with severity, set the response with the vendor owner, track remediation, and send the sponsor bank notice for material critical-provider issues.
What Leela keepsThe evidence this obligation leaves, as the work happens
Listed from the policy libraryContents
- 01Vendor issue recordIssue, severity, response, remediation status
- 02Bank noticeNotice sent with date, for material critical-provider issues
Evidence
Vendor issue record
Vendor Management §5.6
2
of 2 records
The work and the records come from this obligation in the policy library.