Vendor management is the multi-stage process of initiating and developing relationships with providers of goods and services that a purchasing company (“the buyer”) needs for day-to-day operations and the fulfillment of its mission. From the buyer’s perspective, primary stages of vendor relationship management include:
Using an up-to-date risk profile and qualifying and segmenting based on category, location, and business unit
Performing risk due diligence based on the nature of your vendor engagement
Establishing terms and risk KPIs
With understanding of risk assessment and audit status
Utilizing a matrix-based, single view of vendor and a data-driven incident model
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