Aligning disparate systems to pull data from different areas for a holistic view of the end to end process and lifecycle

Aligning disparate systems to pull data from different areas for a holistic view of the end to end process and lifecycle

By Michele Miuta, Director of Procurement and Vendor Management, Sterling National Bank.

Michele, can you please tell the Risk Insights readers a little bit about yourself, your experiences and what your current professional focus is?

I have been with Sterling National Bank for over thirteen (13) years. My background is in Accounting and Economics. I have held various positions throughout my career with Sterling National Bank with a focus in risk and contracts. My current professional focus is on Procurement and Vendor Management ensuring my team is working with the first line of defense (business units/departments) to identify, document and evaluate the risk associated with all vendors throughout the organization as well as ensuring we are leveraging the companies buying power to obtain the best possible pricing on a product or services.

Please can you explain the challenges when managing data from disparate systems?

The main challenge is the manual process involved in establishing one (1) true source of record and ensuring all areas of the organization reconcile to the data.

At the Vendor & Third-Party Risk USA Congress, you will be speaking on your insight regarding ‘aligning disparate systems to pull data from different areas for a holistic view of the end to end process and lifecycle’. Why is this a key concern right now? And what are the essential things to remember?

A key concern for me at the moment is ensuring the full population of vendors are identified and evaluated so the organization fully understands the risk associated with all the products and services utilized. Also, following up with business units/departments to confirm scope of services provided have not changed since onboarding or if services have been terminated ensure all required data/information is either returned or destroyed.

It is essential to remember things are always changing throughout the organization in the vendor space. Properly educating the first line of defense is key to any company’s vendor management process.

In your opinion, what is the most productive way to pull data from complex institutions for a holistic view?

Collaborate with the key individuals from your organization that are instrumental in the process (such as Accounting, Enterprise Risk Management and the Business Unit/Department) and see if there is a way to structure the data so you are receiving the information you are looking for in the most compatible way, automate whatever part of the process you can.

Could you please give an insight in to incorporating a vendor ID across different systems for enterprise view?

If you are able to begin to have data from various areas with a common Vendor ID it helps make the data similar, you are essentially taking away some of the disparity and aligning data. From my perspective this allows you quicker visibility to vendors that may require additional due diligence review rather than revisiting on a monthly or quarterly basis the same vendors you have already reconciled/identified as acceptable.

How do you see the Vendor & Third-Party risk landscape evolving over the next 6-12 months?

I think the Vendor & Third-Party risk landscape will continue to holding organizations responsible and accountable but I do not believe it will be limited to third party, I think you will see significant movement in an organizations ownership of the fourth party vendor identification/evaluation.

 

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