Strunk

About Joel Lawrence

Joel Lawrence has more than 15 years of financial industry experience, where he has gained invaluable knowledge of managing projects, resources and staff in an effective and efficient manner. Through his years of experience he as worked in lending, asset management, sourcing and compliance. Joel is highly focused with a comprehensive understanding of service level agreements, vendor management and regulatory risk. He has a consistent and proven track record of successfully employing best business practices that improve efficiency, reduce operating cost while increasing performance.

Joel is a graduate of Cumberland University where he played basketball and The University of Alabama where he received his M.S. (Global Business Management).

Joel and his wife, Beth, have two kids, a son Sean and daughter Sophie.

Entries by Joel Lawrence

How can Strunk’s Vendor Manager software support your organization’s Third-Party Risk Management process?

April 9, 2025/in Banks, Compliance, Credit Unions, Financial Services, Markets, Vendor Manager/by Joel Lawrence

Several key elements must be considered in the Third-Party Risk Management process for financial institutions. Banking regulators issued a joint statement highlighting the risks faced by financial institutions when partnering with third parties for bank deposit products and services, along with examples of effective risk management practices to help mitigate these risks. Strunk’s Vendor Manager […]

Overdraft Privilege Continues to be an Important product for Consumers

March 26, 2025/in Banks, Compliance, Credit Unions, Financial Services, Markets, Overdraft Privilege, Perspectives, Sales/by Joel Lawrence

With the ongoing negative perception and strict regulations surrounding overdraft privilege, financial institutions find it increasingly challenging to offer this service. Most adults in the U.S. consider overdraft privilege a valuable resource at a reasonable price, highlighting the significant disconnect between regulators and public sentiment. Overdraft privileges help consumers avoid declined transactions, which can lead […]

How to track responsibility for each vendor

February 12, 2025/in Banks, Compliance, Credit Unions, Financial Services, Markets, Vendor Manager/by Joel Lawrence

Financial institutions are increasingly outsourcing various business functions. Given the growing regulatory and compliance landscape, maintaining an efficient vendor management program is essential for any financial institution engaged in outsourcing risk. Having numerous vendors in your operations can complicate your vendor management program, especially if your financial institution is unclear about who is responsible for […]

The importance of ongoing monitoring of vendor relationships

January 15, 2025/in Banks, Compliance, Credit Unions, Financial Services, Markets, Sales, Vendor Manager/by Joel Lawrence

A crucial aspect of the Third-Party Relationship Life Cycle that is often overlooked is ongoing monitoring. Regularly monitoring vendors is vital for managing external risks and making sure that third parties adhere to compliance and performance standards throughout the duration of the relationship. The frequency of monitoring your vendor management program depends on various factors, […]

Tracking Vendor Due Diligence Material

December 18, 2024/in Banks, Compliance, Credit Unions, Financial Services, Markets, Risk Manager, Vendor Manager/by Joel Lawrence

How does your financial institution manage the tracking of vendors’ due diligence materials? Is there a centralized repository for these documents, or are they merely stored in folders on your computer? It’s important to note that Strunk’s Vendor Manager software offers a hosted solution designed to help financial institutions consolidate vendor due diligence materials into […]

Working with a vendor like Strunk is the key to establishing a successful vendor management program

November 20, 2024/in Banks, Compliance, Credit Unions, Financial Services, Markets, Policy Manager, Sales, Vendor Manager/by Joel Lawrence

Increasingly, financial institutions are outsourcing to benefit from reduced costs, enhanced flexibility, and improved efficiency while optimizing their resources and expertise. When a financial institution opts to outsource a task, its board of directors must ensure effective oversight and implement adequate controls. To create a robust vendor management program, the board should take into account […]

How Strunk’s Vendor Manager software can improve contract process efficiency

October 9, 2024/in Banks, Compliance, Credit Unions, Financial Services, Markets, Vendor Manager/by Joel Lawrence

Due to business risks and regulatory concerns, managing vendor contracts has become increasingly important. Many financial institutions outsource a wide variety of activities, from professional services to actual products, which exposes them to potential risks and possible income loss. Managing the vendor’s contract from creation through execution and contract renewal is a crucial process in […]

Today’s Overdraft Environment

September 11, 2024/in Banks, Compliance, Credit Unions, Financial Services, Markets, Overdraft Privilege, Perspectives/by Joel Lawrence

In today’s financial environment, having access to emergency funds is more crucial than ever. Many individuals are struggling to cover everyday expenses, and overdraft privilege can offer reassurance to customers who require fast access to short-term funds. Consumers, especially those who use overdraft services, continue to show a strong understanding of overdrafts and the options […]

Why use Strunk’s Issue Manager instead of Excel

August 28, 2024/in Banks, Credit Unions, Financial Services, Markets, Risk Manager/by Joel Lawrence

How does your financial institution keep track of internal and external audit findings, customer complaints, and comments from regulators that require corrective action? Many financial institutions use Excel spreadsheets to monitor these outstanding issues. It’s no surprise that financial institutions rely on Excel for these tasks, as it remains one of the most widely used […]

How Strunk can assist you with Tiering your Vendors and applying the proper monitoring to them

July 17, 2024/in Financial Services, Markets, Vendor Manager/by Joel Lawrence

A vendor is a company or individual that supplies a product or service to your organization, irrespective of a formal contract. For financial institutions, some vendors may include technology partners, banking equipment providers, financial partners, legal and professional services, and office supplies vendors. Financial institutions sometimes work with hundreds of relationships with third-party vendors that […]