Performing upfront due diligence:
Your due diligence process must thoroughly evaluate a vendor’s control environment to determine if it’s consistent and sufficient to support your organization. Compliance isn’t optional or something the vendor can learn as they go.
Setting the foundation with strong contract management and standards:
There is no more essential tool for vendor compliance than your contract. Contracts serve many purposes, with the most important one being the details of the business agreement documented in a legal document and signed by both parties.
Ongoing monitoring to ensure vendors are in compliance:
Just as the vendor must prove appropriate controls at the beginning of the relationship, they must consistently demonstrate a robust control environment throughout the relationship. Ongoing monitoring is the mechanism to continuously ensure vendor compliance.
Improving vendor communication:
Perhaps the most understated tool for ensuring vendor compliance is to communicate with your vendors often. Building a business relationship on trust and mutual accountability can benefit both parties.
Setting the foundation with
Improving vendor communication