Discover the processes you need to have in place for successful vendor management in this episode of The Internal Audit Insight. Do you have effective processes for approving and onboarding new vendors, including contract renewals and risk ratings? It’s crucial to monitor existing vendors to ensure compliance with service level agreements (SLAs) and to have a solid exit strategy for terminating vendor relationships. This includes removing their access to internal networks and notifying relevant stakeholders. Remember, utilizing vendors means sharing risk rather than transferring it. Monitoring vendors closely is key. Watch below for a comprehensive guide to optimizing your vendor management process.
Each month, Richey May’s compliance experts, Mignonne Davis and Cassidy Timm, dive into your frequently asked questions around internal audits. Stay tuned for the next episode and check out the first 4 episodes here.
