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Case Study

Adopting Vendor Management Controls

The Situation

To comply with changing regulatory guidelines, a leading financial services institution needed to improve its third-party provider risk controls. The firm established a Global Vendor Management Office to provide firm-wide governance and guidelines regarding new policies and procedures.
The client wanted to conduct training and communication initiatives that would improve employee awareness and adoption of new requirements. These included: participation in mandatory Vendor Management training; adherence to more rigorous vendor selection, negotiation and approval processes, enhanced issue reporting and escalation, and the use of new technology tools that would help achieve regulators’ vendor documentation requirements. 

The Satori Solution

We were responsible for various training and communication campaigns. We collaborated with senior leadership and Vendor Management partners to transform training requirements into a comprehensive, multi-year training roadmap.   Our team developed a training program to educate nearly 2,000 Vendor Relationship Managers on new mandatory Issue Management procedures and tools. We led a review and refinement of the Global Vendor Management Office’s website (the single source of Vendor Management information for thousands of employees worldwide). Finally, we developed a dashboard framework that communicated training completion metrics, the status of steps taken to close gaps in compliance, and issues that necessitated leadership intervention.

The Results

Our contributions measurably increased firmwide knowledge of the new requirements governing the selection and management of third party providers. Our comprehensive training roadmap clarified the client’s expectations regarding the Vendor Relationship Manager’s role in mitigating risk and enabled these employees to build the requisite skill set. Our review of website content treamlined and simplified site navigation, increasing its utility to the firm. Our just-in-time dashboard reporting was accessible, accurate and effective at conveying critical information simply and succinctly.
The customized, scalable solution that we developed was designed to accommodate future changes to the client’s Vendor Management initiative.


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