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In her interview, Anifat Atanda of First Bank of Nigeria Group highlights the critical importance of proactive and strategic vendor risk management in today’s interconnected financial ecosystem.
She outlines a robust approach that begins at the sourcing stage, stressing early assessment of vendor financial stability, cybersecurity posture, and regulatory compliance. Categorizing suppliers by risk level and conducting thorough due diligence are central to mitigating exposure to systemic risks.
Atanda also advocates for deeper industry collaboration to improve transparency and efficiency in vendor oversight. Through shared standards, common assessment frameworks, and joint incident response strategies, organizations can collectively manage the ripple effects of systemic vendor failures.
Despite progress, she notes that regulatory clarity still lags, particularly across jurisdictions, complicating oversight of vendors that span multiple industries and borders. She calls for greater transparency and clearer guidance from regulators to support more effective systemic risk management.