Ultimate Guide for Vendor Management

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vendor management
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Create and centralize policies, standards, and procedures.
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Securely store and monitor all contracts.
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Establish and monitor permissions for all users.
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Catalog, access, and track all IT Assets.
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Organizations handling health information need to have measures in place & follow them.
GDPR
Regulation for companies that collect and process personal information from individuals in EU.
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For organizations that accept, process, store or transmit credit card information.
NIST CSF
Guides organizations in any industry to better manage and reduce their cybersecurity risk.
NIST SP800-53
Improve the security posture of information systems used within the federal government.
MAS
Guidelines to encourage best practices among financial institutions in Singapore.
HITRUST
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Any company that sells products or services to your business is a vendor. Examples of vendors you may have include third-party payroll services, suppliers of raw materials for products, cleaning services, and shipping companies.

A vendor management system is a software program that helps your business with the various processes you use to control costs, improve service, increase value and reduce risk when working with vendors. Examples of management processes include:

Researching vendors
Assessing the quality of their work
Comparing prices
Setting organizational standards for vendor performance
Making on-time payments.
Estimating turnaround times

Management processes also include managing vendor relationships, assigning jobs, reporting, key performance indicator tracking, conflict resolution, compliance monitoring, and risk mitigation. Your vendor contracts should specify your performance expectations, and you should have a backup plan ready for when a vendor does not meet expectations.