Vendor Management

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:

Vendor selection:

Using an up-to-date risk profile and qualifying and segmenting based on category, location, and business unit

Risk assessment:

Performing risk due diligence based on the nature of your vendor engagement

Contract negotiation:

Establishing terms and risk KPIs

Onboarding:

With understanding of risk assessment and audit status

Managing performance and monitoring/mitigating risk:

Utilizing a matrix-based, single view of vendor and a data-driven incident model