Our organization has recently taken on formalizing a 3rd party risk program. This includes in scope Vendor Management/Supplier Governance. Currently, the organization makes purchases for technology, partnerships, etc. and our concern are around the benefits, risk, and costs associated.
We try to inquire users to shop around, obtain multiple quotes, and do a lot of preliminary work prior to purchase and we have a risk assessment process to note the added risks introduced to the organization, but it is not always effective.
Are there any resource material or supplier governance frameworks that our organization can adopt?
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