Vendor Management

Posted By: Lele

Vendor Management - 10/26/20 08:11 PM

We are overhauling our Vendor Management process. We have started a committee and want to know what others are doing? Do you have a Charter? Do you have a committee? What are you using to track the vendors? We have an excel spreadsheet but want to grow from that. Any input would be appreciated? TIA!
Posted By: rlcarey

Re: Vendor Management - 10/26/20 08:18 PM

Isn't that the cart before the horse? If you think you need a committee, would you not develop the charter before it was formed to outline exactly what their function might be. Seems silly to form a committee and then say - OK - what are we going to do.
Posted By: DEL

Re: Vendor Management - 10/27/20 12:24 PM

We don't have a Committee but we do rely heavily on our software, Ncontracts. It has really helped to guide us in how we evaluate our vendors.
Posted By: AuditLove

Re: Vendor Management - 11/02/20 06:37 PM

We had a steering commitee when we first started implementing the new third party guidance years ago. No longer have a committee but we have a dedicated department that handles vendor mgmt now. And we also rely heavily on software for risk rating and tracking vendors and suppliers.