Financial institution head of third-party relationship management: why vendor management frameworks weren't built for open finance

A vendor management framework assumes a relationship the institution chose and can fully govern. Open finance relationships are typically neither – they're a model the institution didn't choose and can't fully control, and that framework is now being asked to handle a volume it was never built for.

To close that mismatch, Heads of Third-Party Relationship Management (TPRM) should structure their approach around two connected steps:

1. Replace manual sign-off with continuous evidence: Move from manual, point-in-time assessment to continuous, independently evidenced monitoring across the full open finance chain, so sign-off becomes something to actually defend to an examiner.
2. Track the entity, not just the relationship: Monitor ownership changes, new sub-processors, and licensing shifts on an ongoing basis, and extend accreditation requirements through the chain so visibility doesn't stop at the first-tier relationship.

About Invela

Invela is the infrastructure layer that makes open finance trustworthy – accrediting who's in the network, monitoring risk in real time, and ensuring liability lands in the right place. Open finance, covered.