93. Vendor Selection and Monitoring

Due Diligence

Rigorous evaluation that goes beyond surface-level credentials

Due Diligence involves evaluating the vendor’s

Financial Stability

Operational History

Client Testimonials

On-the-ground Practices

Conflict of Interest

Arises when personal or financial relationships could potentially cloud the judgement of individuals involved in vendor selection

Vendor Questionnaires

Comprehensive documents that potential vendors fill out to offer insights into the operations, capabilities, and compliance

Rules of Engagement

Guidelines that dictates the terms of interaction between an organization and its potential vendors

Monitoring

Mechanism to ensure that the chosen cendor still aligns with the organizational needs and standards

Feedback Loops

Involve a two-way communication channel where both the organization and the vendor share feedback