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Due Diligence

Do You Know Who You Are Working With?

Feb 13, 2014 by Jim Swanson

Many organizations are initially reluctant to explore the concept of utilizing external service providers to perform critical business functions out of fear of “losing control” of the process.

Yet, surprisingly, it is many of these same organizations who make this move that fail to implement a basic framework to instill the level of oversight they need and operational controls they desire.

For those who have taken this step, knowing who you are really doing business with and understanding how they go about working on your behalf has not only become a newfound focus of regulators, it is also just good business.

In-house Versus Outsourced

If the functions being provided externally were being done in-house, you would certainly have a clear understanding of how they are done. Why should you feel any different about functions being outsourced? Why expose your organization to a myriad of financial, operational, regulatory and reputational risks by not taking some proven, cost-effective steps to manage them? It just makes sense, right? The fact is, too many buyers continue to have inadequate or non-existent due diligence and oversight controls in place.

Strong Vendor Management Plans

A strong vendor management plan laying out a few key procedures that are easy to follow, efficient to administer; complimented with the right tools can place you in control by understanding who you are really doing business with.

Meriwest Case Study Outsource Venminder

Jim Swanson

Written by Jim Swanson

Vendor Management Solutions (VMS) creates vendor management programs focused on Due Diligence, Compliance, Performance Management, Change Control and Innovation. VMS makes managing external relationships more efficient, productive and profitable. Visit website: www.vms-resources.com

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