Q: Not sure where your Vendor Management Program stands in terms of compliance, risk or maturity?
Q: Ready to take your program to the next level and aren’t quite sure how to get there?
Q: Received audit or regulatory findings and uncertain what is required or how to remediate the issues?
A: You need a VMP Gap Analysis!
1) The VMP Gap Analysis begins with a discussion about your current state including:
- Bottlenecks, limitations, perceived obstacles
- Audit findings and/or regulatory issues
- Staffing adequacy, tools and service providers utilized to help manage your program
- Program framework
2) The discussion then moves to where you see the desired state of your program and includes:
- A review of strategic objectives
- Interviews with stakeholders throughout the enterprise
- Planned vendor management initiatives
3) The final stage of the VMP Gap Analysis includes a comparison of the Current State to the following:
- 10 Components of a vendor management program including documented risk assessment
- State and Federal regulations for vendor oversight
- Desired State of your program
- Documented Current State & Desired State
- Key Gaps
- Roadmap to achieve Desired State and/or to remediate regulatory issues or audit findings
- Business Value of change
- Risk Assessment of vendor management program