EVALUATION AND DEVELOPMENT OF VENDOR MANAGEMENT PLANS:
As with Contract Management, some entities have few vendor relationships and others have countless. It is important to understand and evaluate the unique risks that exist with specific vendors based upon the service or products they provide. Robust risk assessment is critical here. A risk matrix that goes down to service level can help more accurately rank critical risk so that scarce resources go to mitigating those vendor relationship risks that may impact your company the most.