Vendor management in the finance and insurance sectors

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      <subfield code="a">The majority of finance and insurance enterprises have a centralized vendor management office (VMO) -- Roughly half of the VMOs reside in the IT group -- The VMO in financial firms is considerably more likely to manage onshore IT outsourcing and offshore IT services functions than the average -- Financial firms' VMOs have few areas of weakness apart from requirements gathering and vendor performance scorecards -- Challenges for VMOs include the resistance to global sourcing and procurement, and business unit resistance to using the VMO -- Cutting costs and improving supplier performance were key factors in establishing the VMO, along with mitigating risk with supplier oversight -- What it means</subfield>
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