Hi – my name is John with Venminder.
In this 90-second podcast, you’re going to learn the basics of vendor compliance risk and a few helpful techniques to ensure your organization manages this effectively.
Here 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.
You might be asking what exactly is vendor compliance risk? It’s the risk that occurs when your vendor violates laws, rules or regulations, causing negative impacts on your organization or on your customers. It can also happen if they are non-compliant with your organization’s internal policies, procedures or business standards.
Now that we understand what compliance risk is, we should also learn why it’s essential to manage it. Here are three incentives to effectively manage vendor compliance risk:
So, now you can define vendor compliance risk and you have learned the potential impacts to your organization and customers when vendor compliance risk goes unchecked. And, you have the motivation to ensure your vendors adhere to all regulations, laws, rules and standards.
We hope you found this podcast insightful! Thanks for tuning in; catch you next time.