Just like there is a wide range of tolerances for clutter and mess in our personal lives, I’m finding more and more that corporate tolerance for data “messes” varies from organization to organization. Size of team or enterprise doesn’t seem to have a direct correlation to how organized a company’s business processes are or their acceptance of some of the organic chaos that comes with managing complex data.
Managing relationships with third-party providers is a major concern in the banking, healthcare, retail and tech industries…and beyond. We’ve gathered recent news, insights and opinions on vendor risk management, contract management, third party assessments and more. Help yourself to this week’s reading roundup!
We love it when clients use our platform in creative ways. Mark Barak, general counsel at Aronson Security Group (ASG), is a prime example. He started using Onspring in 2016 to manage legal matters, but when a need arose for greater efficiency and visibility in the company’s partner relationships, Mark put the platform to work in new ways.
Recently, Onspring began working with a large financial institution to help them manage vendor contracts. As the organization grew, its vendor roster also expanded, and so did the maintenance and onboarding requirements. Add to that, changes in the Sourcing team meant that key information was leaving with people who previously managed vendor accounts. I recall hearing frustrations like, “Why did we renew that vendor contract? We don’t even like them anymore!”
More than likely, you have a process for managing vendor relationships. You may even have a sophisticated process with a centralized vendor repository, risk assessments, due diligence, contract review, careful onboarding and ongoing monitoring. But how many of your employees know the process? And more importantly, how many of them understand how they fit in?
Identifying and managing risk within your own organization is challenging enough. When you add a diverse array of third-party relationships, the picture becomes exponentially more complex. Learn how Intarcia has taken control of vendor risk management with automation, structure and real-time reporting.
By Dave Hulsen, Co-Founder of RFP365 – Gardening is one thing, but what about our growing businesses and the third-parties we engage to help us flourish? As I thought about the numerous vendors we rely on, I started to think about what “pesky” vendors might be choking out our true partners (i.e. the ones that are truly critical to our success). If any of our vendors are increasing the amount of risk we manage to unacceptable levels, we need to identify them.
Managing risk within the confines of your own business is hard enough. When you tack on risk associated with vendor relationships, the complexity only grows. As business leaders, we have to carefully manage vendor relationships to protect our customers, employees and stakeholders, but the process can be daunting.
If you were old enough to ride a 10-speed or file taxes in the 80s, you probably have fond memories of mixtapes—a collection of favorite songs on a well-worn cassette that you listened to over…and over…and over again. We’re a long way from mixtapes in 2017, but the concept holds true: sometimes the good stuff just keeps getting better. As the year draws to a close, the Onspring team would like to offer our own mixtape of sorts: a collection of our most popular blog posts from 2017. We invite you to sit back, “press play” and enjoy these stories again (…and again…and again).
For the last few weeks, I’ve been working with a client that’s building additional structure and rigor into their vendor risk management program. They have all the pieces: a formal vendor policy, established relationship owners, regular risk assessments and due diligence reviews, and a detailed contract management process. However, they lack a connected view of all these moving parts, so my colleague Jason and I have teamed up to help them bring all the pieces together into a smart and scalable solution.
When you develop software, there are many stages of the design phase that are highly critical to the final product. Too often, companies are in a rush to push feature releases or changes to their products that are “box checkers.” They’re trying to compare themselves to a competitor in a favorable light, without actually thinking about the problem in depth, or not considering things such as long-term performance and usability.
My wife and I recently purchased a new “old” home, meaning it was one that would need some work. Our goal was to complete as much of this work as possible before move-in day, so getting the right contractors in place as quickly as possible was a must. I couldn’t help but picture Tom Hanks and Shelley Long in the movie The Money Pit (one of my favorites) and think, “Is this us? What are we getting ourselves into? Will our house really be ready in two weeks?” (That’s a joke.)