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!
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.
Vendor Management can sometimes feel like trying to catch Niagara Falls in a mop bucket. With a varying pool of relationship owners, shifting scopes and changing relationship terms, the vendor manager has a daunting task to stay on top of due diligence, identify third parties that need to be replaced and measure success among vastly different providers. Many of our clients have found success with our Vendor Management solution by applying different layers of review, each with a specific timeline and focus to help assemble a comprehensive look at the vendor. Think of it like a cake.