Vendor Selection Process

• Similar to hiring a team member
• Due diligence
  • A rigorous evaluation that goes beyond surface-level credentials
  • Includes the following:
• Check for conflicts of interest that could bias the selection process

Vendor Questionnaires

• Comprehensive documents filled out by potential vendors
• Vendor questionnaires provide insights into operations, capabilities, and compliance
• Standardized criteria for fair and informed decision-making

Rules of Engagement

• Guidelines for interaction between organization and vendors
• Cover communication protocols, data sharing, and negotiation boundaries
• Ensure productive and compliant interactions

Vendor Monitoring

• Mechanism used to ensure that the chosen vendor still aligns with organizational needs and standards
• Performance reviews assess deliverables against agreed-upon standards and objectives
• Feedback Loops
  • Involve a two-way communication channel where both the organization and the vendor share feedback