We’ve all experienced it at one time or another: a once-promising vendor relationship has suddenly (or perhaps, not so suddenly) gone sour. Whether it’s due to repeated SLA failures, a lack of [...]
Vendor contract management is the administration of written agreements with third parties that provide your organization with products or services. Vendor contract management includes negotiating [...]
Much like negotiating a contract or renewing a contract, the vendor contract mid-term review can help you gather important information regarding your vendor and the products and services they [...]
Have you been in this situation? Someone at your organization signed a vendor contract, but they shouldn’t have. This is a nightmare scenario many third-party risk managers have faced at one point [...]
Why do we want to go into a relationship thinking about the exit?
If you are not already using vendor management software for your third-party risk program, you are missing out on efficiency and high-quality results to show off to your senior management team, [...]
A contract is an agreement between two parties creating a legal obligation for your organization and vendor to perform specific acts. Each of the parties to the [...]
As a professional in third party risk management, you probably hear the term service level agreement, or SLA, for short, often. So, it’s important to understand what they are. To help, we'll go [...]
Whether reviewing a new critical third party contract or negotiating new terms and conditions of an existing contract, there are many elements you need to consider.
Let’s face it – a very difficult part of vendor risk management, particularly in mid-sized organizations, is usually the vendor contract management process. Why exactly is that? Well, unless you [...]
I’m often asked about termination clauses in contracts. Unfortunately, if you’re in the middle of an existing contract and decide you “want out”, your options may be limited, depending on how much [...]
For the non-bank lender, the process of vendor oversight begins prior to establishing an annual audit schedule. And like any good process, it begins well at the beginning - the contract. [...]
There are times when even the best of relationships fall apart. But, there's also usually plenty of early warning signs. So, let's look at a few of them related to your vendors – these are just a [...]
No serious cyclist would ever dream of riding their bicycle without wearing a helmet. Personally, having been hit by a car twice while cycling, I probably should wear a helmet every time I talk [...]
Of all of the areas of third party risk management, perhaps the most difficult is handling contracts effectively. Whether it’s negotiating, tracking or simply finding all of them, contracts can be [...]