Streamline Your Vendor Management Processt
Communicating with your vendors and suppliers is as important as communicating with your consumers. Building an apt communication channel and information flow with your suppliers is necessary, as they play a key role in the success of your business.
Proper vendor management can result in minimized expenses, maximized efficiencies and enhanced customer service and ensuring compliance with regulations. Building a mutually strong relationship with your vendors will help strengthen your company’s overall performance in the marketplace.
Vendor management is a standard practice today, process that most organizations globally use, in order to have a clear understanding of the risks they undertake owing to the business associations with third-party vendors. This is especially true regarding outsourcing relationships and data sharing. It is a structured approach to receiving the best service and value from a vendor and the core of such a program is the establishment of an ongoing communication channel.
Vendor Management has developed to an extent where some leading financial industry groups such as BITS have standardized the process significantly through their Standard Information Gathering (SIG) and Agreed upon Procedures (AUP) standards. These standards or their derivatives helps organizations understand the risk associated with their vendors and then incorporate appropriate risk mitigation techniques and measures to mitigate the risk.
According to Gartner research, vendor management provides organizations with the know-how for vendor selection, enabling organizations to manage vendor contracts for efficient performance. Today with technology having a strong footing in every industry sector vendor management solutions have also taken the IT way.
Ways to enhance collaboration with vendors
Today eminent service providers in compliance management solutions have introduced innovative vendor management solutions to ensure that organizations and their outsourced partners remain regulatory compliant. This helps you to manage an efficient vendor management process.
This in turn has given rise to better collaboration with the vendors, coupled with the vendor management solutions that facilitated the process. Thus Vendor Management Solution helps:
- Automate the monitoring of sensitive data and technical controls.
- Handle risks with a Vendor Manager.
- Evaluate vendor risks by using multiple assessment types and library of question depending on best practice standards.
- Obtain risk, IT security and compliance rating of vendor from assessment results.
- Estimate vendor compliance to procedures and regulations.
- Track and address identified non-compliance areas.
Selecting a vendor has its own complicacies. If yours is a large and forward thinking company then it is best to opt for a market leader in sophisticated vendor management solution that ensures regulatory compliance.
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