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Third Party Thursday

MARCH 11, 2021

4 Tips to Dust Off an Outdated Vendor Management Process

Podcast: Play in a new window | Download

Spring is around the corner and it’s the perfect time to dust off your vendor management program and clean up your processes. This podcast covers some tips that you need to know when improving your approach to third-party risk management.

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Podcast Transcript

Brittany-Jackson-Headshot-Circle

Hi – my name is Brittany with Venminder.

In this 90-second podcast, you’re going to learn some tips about how to dust off an
outdated vendor management process to further streamline processes.                                               
At Venminder, we have a team of certified industry experts who specialize in developing comprehensive risk management programs for organizations of all sizes and all industries.
                                                                                                                                                                                  
As we enter the spring season, it’s a good time to refresh and renew. So, if you have a
vendor management process that could use a good dust off, here are four tips to get you started:

1. My first tip is to simplify with a vendor management platform. When it comes to updating your vendor management process, first, identify clunky, inefficient processes and methods. Knowing these areas of improvement will help you centralize your vendor management process and determine where you need to automate, if needed.

2. Second, redefine reporting. To do this, review your current reporting practices. How do you currently collect documentation and report to your board, the committee and senior management team? Think about what is working and what isn’t. If necessary, freshen up your report templates.

3. Third, review vendor tiers. At least annually, you should take some time to review your list of vendors and determine if they’re still categorized as the correct risk level. Pay special attention to your high-risk and critical vendors.

4. My final tip is to reestablish workflows. Take some time to collaborate with your entire third-party risk management team to review the vendor risk management lifecycle and review not only the process, but also discuss roadblocks or bottlenecks.

There you have it: Simplify, redefine reporting, review vendor tiers and reestablish workflows. With that, you should be well on your way to freshening up outdated processes.

Thanks for tuning in; catch you next time!

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