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Third Party Thursday

DECEMBER 27, 2018

5 Best Practices of Hiring Vendor Management Staff for 2019

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Are you looking to expand your vendor management team in 2019? During today’s podcast we will discuss our top 5 recommendations to keep in mind while recruiting potential vendor management team candidates. These tips will help you hire the most effective team possible in the new year.

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Podcast Transcript

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Welcome to this week’s Third Party Thursday! My name is Branan Cooper and I’m the Chief Risk Officer here at Venminder. Are you looking to expand your vendor management team in 2019? During today’s podcast we will discuss some of our recommendations to keep in mind while recruiting potential vendor management team candidates.

Here are our best practice recommendations:

  1. Consider credentials. Take into consideration the number of years of experience and the candidate’s vendor management background. Also, do they have certifications that will add value to your staff, such as a paralegal certification or business continuity certified or even a CRCM or CTPRP credential? That’s a huge bonus.

  2. Find the best fit for your organization. Determine the type of individual who would be best for this role at your organization. What types of attributes should they have in order to be not just a good fit for the role but also a good addition to the organization’s culture?

  3. Budget for the new employee(s). Present the proposal for additional staff to the board for review and approval. Be sure to thoroughly outline how much needs to be budgeted in order to add to the vendor management team. Do you need one new employee or more? Determine the right level of staffing in order to handle all of the various disciplines well.

  4. Invest in proper training. Once you hire someone, properly train them on your vendor management policy, program and procedures. Now is a good time to verify that if someone reviewed the procedures documentation on file they could effectively perform their job responsibilities after.

  5. Check LinkedIn. This is just quick pointer that I’ve found to be helpful. LinkedIn is a great resource to use when recruiting for a specific skillset such as vendor management.

Those are our 5. I hope you found these helpful.

Again, I’m Branan Cooper and thanks for tuning in. If you haven’t already done so, please subscribe to our Third Party Thursday series.

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