In today's ever-changing business landscape, ensuring that you have the right vendors aligned to your business needs is critical. By implementing a formal Vendor Management Program, you will have valuable insight into how well your vendors are performing and any potential risk they pose, so you can be proactive in your response instead of reactive.
While there are many factors that go into a successful Vender Management Program; there are three critical factors that must be present in a Vendor Management Program - Risk Mitigation, Performance Metrics and Operational Oversight.
In order to assess risk, you have to define what a potential risk is, what could be the potential impact that these risks pose and what process and controls you have in place to prevent or respond to any risk events.
If you can’t measure it, then it doesn’t exist, and you can't improve it. For a metric to be effective, it should be mapped to an end goal and have an action plan defined for track ability, improvement, and repeatability. To achieve optimal results, performance must be a year-round process with no end.
Operational Oversight is designed to ensure actions are consistent and sustainable with established plans and objectives, based on Risk Profile.
In today's ever-changing business landscape, ensuring that you have the right vendors aligned to your business needs is critical. By implementing a formal Vendor Management Program, you will have valuable insight into how well your vendors are performing and any potential risk they pose, so you can be proactive in your response instead of reactive.
While there are many factors that go into a successful Vender Management Program; there are three critical factors that must be present in a Vendor Management Program - Risk Mitigation, Performance Metrics and Operational Oversight.
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In order to assess risk, you have to define what a potential risk is, what could be the potential impact that these risks pose and what process and controls you have in place to prevent or respond to any risk events.
If you can’t measure it, then it doesn’t exist, and you can't improve it. For a metric to be effective, it should be mapped to an end goal and have an action plan defined for track ability, improvement, and repeatability. To achieve optimal results, performance must be a year-round process with no end.
Operational Oversight is designed to ensure actions are consistent and sustainable with established plans and objectives, based on Risk Profile.
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