Vendor compliance management is the process by which organizations understand and control the risks associated with working with vendors, third parties, or business partners. If your organization utilizes vendors to conduct part of your business process –...
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Vendor compliance management is the process by which organizations understand and control the risks associated with working with vendors, third parties, or business partners. If your organization utilizes vendors to conduct part of your business process – whether that be billing, customer service, data processing, etc. – the risks associated with that partnership could ultimately put you out of business.
An effective risk management strategy includes a strategic process for assessing and monitoring vendor compliance. Some vendors go to great lengths to secure their services and processes, but others may leave you with consequences to pay. Vendors need to prove what they are doing to reduce risk to you and your customers. You’re putting a great deal of control into vendor’s hands, so managing vendor risk must be an integral part of any business.
What happens if your operations depend on the availability of your vendor’s services, but their service has an outage? If your vendor goe
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