Welcome to this week’s Third Party Thursday! My name is Alicia Thomas and I’m a Senior Relationship Manager here at Venminder. As we wrap up 2018, it’s a good time to reflect on the year and some of the reasons we’re thankful for a well-developed vendor management program.
If it weren’t for good vendor management…
- We wouldn’t meet regulatory demands. As we’re all likely aware, the demands are only increasing and becoming more stringent.
- We could hurt our business reputation. It’s important to have a good reputation, especially since reputation risk is a major area of focus. Our customers also appreciate it!
- We may receive an enforcement action and be fined. No one wants an enforcement action and costly fines or their organization making unfortunate headlines.
- There is a chance we’d be stuck in bad contractual agreements. A poor vendor relationship or a contract without provisions to address recurring areas of concern all scream “yikes”!
- We wouldn’t be as prepared. Without proper vendor management, we could run into unexpected surprises.
- We may fail to protect our organization, stakeholders and customers. One of our main goals is to prevent that.
- With that, we may not exceed customer expectations. And how disappointing would that be?
- We would fail to understand our vendor’s risk level. If we don’t thoroughly understand their risk level, then we don’t truly know how much risk they pose to our organization.
- We may miss important dates. Ultimately, this could be costly to the organization.
- Finally, we would not have a strategic business advantage. In today’s industry, it’s best to be ahead of the game.
I hope you take some time to reflect on all of your vendor management accomplishments over the last year and give yourself a pat on the back. You deserve it!
Again, I’m Alicia Thomas and thanks for tuning in. If you haven’t already done so, please subscribe to our Third Party Thursday series.