Vendor Management Program Assistance
improving vendor management with existing resources
Most organizations now realize the importance of strong vendor management. Recent headlines of global data breaches and significant service failures highlight the criticality of closely monitoring and managing vendor risk and vendor performance. Data breach costs now exceed multiple millions of dollars on average, and that does not even include reputational loss.
There are ways to identify and mitigate significant risks in advance of vendor selection and during ongoing management of existing vendors.
Organizations face many challenges in vendor management, including:
- Not knowing which vendors they should monitor
- Unsure of how much and how often due diligence should occur
- Lack of direction in classifying vendors
- Lack of resources
ICN is a leader in best practices for vendor risk and performance management. We have expertise in helping prioritize resources for vendor management, so companies can improve vendor management with their existing resources. We are experts in vendor classification models and in developing initial and ongoing due diligence programs. We also help organizations improve vendor performance management, ensuring successful delivery of products and services.