Vendor Management Program Gap Analysis

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

DELIVERABLES

• 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