We are currently exploring how to enhance our Vendor Mangament process and I am curious how other instiutitons structure their Vendor Management Program. I have a few questions that will help me to work with our Executive Management team to update our process.
1. What asset size are you?
2. Approximate number of vendors
3. Do you have a dedicated individual that manages your vendors?
4. Who is responsible for making sure that a SOC, Financials, and other annual reviews are completed?
5. Do you engage your Accounting/Finance or IT departments for help in the annual reviews?
6. How are new vendors identified and entered into the Vendor Management Program?
7. Does anyone use a committee to complete onboarding of new vendors and/or annual reviews? If yes, how does this work and who sits on the committe?
Thank you all for your time!
If you feel more comfortable, you can reply to me via email: aschewe@adviacu.org.
