Vendor compliance isn’t about luck. Ensuring vendor compliance is dependent on how you manage vendor oversight. Here are 4 reasons why.
Read, understand and apply them to your vendor compliance oversight and you may just find a pot of gold – or, better yet, successful vendor compliance – at the end of the rainbow.
Tips and Examples of Vendor Compliance
Here are the 4:
- When outsourcing a product or service to a vendor, you should be taking the same efforts to monitor compliance as you would if it was kept in-house. This means evaluating vendor risk, security, company policies and more on a regular basis. Don’t trust that it’ll all be done adequately.
- Being diligent and performing reviews means that you’ll know if the vendor is meeting expectations or not. Perform complaint checks, SOC reviews, financial reviews, etc.
- Due diligence is done (or should be) during vendor selection and as part of your ongoing monitoring, so you should be immediately aware of what kind of relationship you’re getting into. Always make sure your due diligence is current, and that you’re taking the appropriate steps to analyze the information.
- Effective communication leads to a healthy vendor relationship and better compliance. Schedule meetings to speak with the vendor regarding any potential issues that you see. Include this as part of your regular processes and I guarantee you’ll be more prone to knowing if your vendor is letting something slip or not.
Managing vendor compliance is critical to a third party risk management program. Verifying your vendors are meeting regulatory and exam expectations is the best way to ensure that your organization is safe.
Learn the appropriate level of oversight to manage vendor compliance risk. Download the infographic.