Oversight and Optimization Stage
The oversight and optimization stage is where the real value from the vendor relationship happens, yet in many organizations it is ad hoc and unmanaged. This is the stage in which the vendor actually starts delivering on what you’ve contracted with them to do, so it’s critical that there is structure and discipline to the process for overseeing contractual performance, managing compliance and evaluating and managing vendor risk.
VENDOR RISK MANAGEMENT
As vendors become more and more intertwined in day-to-day operations, continuous vendor risk management is a critical. There are many risks that vendors present that require regular evaluation such as operational risks, data and privacy risks, geographic risks, regulatory risk and, of course, reputation risk. Knowing which vendors present which risks, and ensuring someone is assigned to monitor and manage those risks, has become increasingly important.
We’ll help your team mitigate and manage vendor risk by establishing risk-based vendor management policies and standards, creating risk segmentation strategies and implementing a disciplined vendor risk assessment and management process. We can also help you centralize and streamline the entire process with VendorRisk, a cloud-based vendor management software.
Contract compliance focuses on ensuring the vendor is delivering on what they are contractually obligated to do. That includes the basics like products/services/deliverables, pricing and payment terms. But it also includes adherence to service level agreements (SLAs), data security, reporting and other contractual obligations.
We can support your contract compliance oversight through our managed services or by performing periodic contract audits on your behalf. We can support your staff in facilitating discussions with vendors, and help resolve contractual non-compliance issues. We can also help you establish consistent policies and processes for contractual review and compliance management.
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Managing a vendor’s performance goes beyond ensuring they meet minimum contract compliance requirements. It focuses on driving more value from the relationship, and strengthening core components such as account management, responsiveness, ease of doing business and proactively bringing new ideas and best practices to you. And if you really want to drive higher performance, it should include an assessment of well your stakeholders work with the vendor too.
Vendor Centric can help you evaluate and improve vendor performance by conducting performance surveys of your stakeholders and vendors. This 360° feedback helps you understand what issues are holding back the vendor’s performance, and establish a plan to resolve issues and drive higher ROI from the relationship. We can also help you establish a vendor performance management system that your stakeholders can use to continually manage vendor performance on their own.
REGULATORY COMPLIANCE MANAGEMENT
CMS, OMB and OCC are only a few of the regulatory bodies that are requiring more disciplined oversight and management of third party vendors. Regulatory compliance requirements will only expand over time as cloud-based software grows in adoption, and data breaches continue to be front page news. It’s critical to integrate compliance into the ongoing oversight and management of your vendors.
We’ll ensure your organization remains compliant with the appropriate third-party oversight regulations by identifying compliance gaps and helping you close them. We’ll also help you establish the appropriate compliance management procedures, and can confirm you’ve got everything covered with periodic vendor compliance reviews.