As businesses become more global, regulations continue to increase. As more and more businesses turn to third parties to expand their operations, it has become imperative that proper Vendor Management Training be undertaken by all. With each new component in the third party, vendors, suppliers, agents, distributors, resellers, increasing every day, risks posed are big and not adequately addressed. Identifying the biggest challenges and addressing these risks based on the guidance from regulation can only be done right when one has sufficient information and training. This training is focused on the features and functionality of the vendor businesses that needs to checked and vetted before one embarks on a journey with the chosen third party.
Of course, this is not as easy as it sounds. There are innumerable regulations, rules and guidance that need to be taken into account and merged with the business in hand. Increase in third party connections have in turn led to high profile breaches which means great risks for the business’s future. An effective Vendor Management Training will allow one to build, implement and manage a compliant vendor management program. But before getting there one has to get a solid understanding of the driving regulatory issues and increased regulatory scrutiny that surrounding vendor management today. Along with the detailed regulations one also learns to do due diligence and risk rating before finalizing the vendor. There are lessons on contract review at the onset along with periodic review of both the contract and the policies.
These multilevel benefits of the program have paved the way for better vendor management today. From auditors to risk officers, vendor program managers to compliance officers, anyone who is involved in the managing and supporting of third parties can benefits from this. There is a high level program for CIO, CFO and COOs as well, because nothing can beat being informed at all times. Once the training is complete one can start in building and implementing a successful and compliant program. This will not only help one manage the vendors but also achieve optimum results via proven tactics and time-tested tools of success.
A comprehensive Vendor Management Training offers one an integrated understanding of how vendors are chosen, managed, monitored and kept motivated at all times. One delves deep into the procurement life cycle through stages like the contractual commitment, management of interactions and execution of a procurement project. Careful monitoring leads to effective data collection and performance assessment which aids in future vendor interactions.
Compliance Education Institute (CEI) offers unsurpassed Vendor Management Training by leveraging over three decades of experience in regulatory compliance, banking, and information security, audit and risk expertise along with vendor management.
