How Do Your Vendors Stack Up Against Each Other? – VM Thought for 2017

How Do Your Vendors Stack Up Against Each Other? – VM Thought for 2017

As many of you begin to expand your vendor management programs and elevate their maturity levels, tracking KPI’s and KRI’s becomes an area of focus. Some of you might even go so far as to track KCI’s (Key Controls Indicators). However, in looking at Key Performance Indicators (KPI’s) and whether your vendors are meeting their SLA’s, you might find it valuable to track not only individual vendor performance but to compare the performance of similar vendors that you do business with. Think about those vendor categories that you learned about in the CRVPM course. That will help you determine where the vendors stack up in relation to their peers which will also help:

  1. identify common areas that they might be having difficulty with in providing services to yu
  2. identify the impact that the deficiencies cause
  3. identify the controls requiring enhancement or closer monitoring on your side of the relationship to minimize impact
  4. identify unrealistic requirements you’ve set if there is commonality of performance issues among similar vendors,
  5. identify whether an Exit is required,
  6. possibly renegotiate the contract
2017-03-16T12:44:57+00:00 December 16th, 2016|3rd Party Risk, Risk, Vendor Management|0 Comments