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Third Party Vendor Management

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Having Well Thought Out Vendor Management is Important

Vendor Management is a crucial business process.  It enables effective oversight and control of the relationships and risks associated with suppliers and third-party vendors.  Implementing a diligent vendor management strategy helps businesses mitigate potential risks, ensure compliance with regulations, optimize costs, and streamline processes.  It also helps maintain a high level of performance and quality throughout the vendor lifecycle.  With the expertise and support of a trusted vendor management partner like Valenta, businesses can confidently navigate the complexities of vendor relationships.  Getting outside help also frees up resources to focus on core operations and strategic initiatives. 

The Valenta Approach to Third Party Vendor Management

Valenta Third Party Vendor Management services bring numerous benefits to a business.  Our comprehensive services mitigate risks, ensure compliance, optimizes costs, streamlines processes, provides ongoing monitoring, and provide peace of mind.  Partnering with Valenta, you can focus on your primary business activities …while we expertly handle the complexities of vendor management.  Our clients regularly rely on our team of specialists and consultants with extensive global experience.  We follow strict criteria for vendor selection and negotiate contracts based on your organization’s parameters, including cost controls. Our goal is to minimize vendor-related risk and, if necessary, terminate contracts in a timely manner. 

Valenta Third Party Vendor Management Services

Valenta understands that vendor management is an ongoing process.  However, we place a special emphasis on the initial risk assessment phase.  After this important step, our staff ensures that your vendors comply with your requirements and risk ratings.  We conduct reassessments as needed.  We also seek to digitalize vendor management as much as possible.  Through smart automation technologies, we can streamline the entire vendor management ecosystem, saving you time and effort.  Valenta has Managing Partners in cities across the US.  Many have direct experience with vendor management.  We involve local or regional partners and consultants with Third Party Vendor Management on all engagements.  To learn more about our services in this area please read on.  If you wish to discuss how Third Party Vendor Management can transform your business, please reach out to one of our Partners at any time. 

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Valenta's Third Party Vendor Management Process

Third-Party-Vendor-Management

Planning Phase

Critical to the success of vendor management, the planning phase is focused on vendor requirements including scope of work and deliverables and the development of planning checklists to ensure all key stakeholder requirements are met. Digitization of this process can be developed (if not already) to streamline planning. Valenta will create processes to ensure a robust program; for example linking the Expense Request Process (ERP) to ensure it communicates with the third party risk management tool, if appropriate. Further to this, vendor portals or document depositories can add immense value, and reduce this time consuming part of vendor management. Create structures to safeguard the foundation for selection.
Checklist

Risk Classification

Risk
Including both MRA and IRA, Valenta offers world-class resources that can review or setup the most appropriate framework for risk classification. In line with best practices, and utilizing digitization and automation to streamline processes, risk can also be minimized through a highly structured globally proven blue-print. Our risk classification procedures will provide greater transparency, and a more in-depth understanding of risk, in a faster, more efficient way.

Due Diligence and Selection

Offering extensive pre-contract guidance for assessing and managing the dimensions of risk associated with third party relationships. Understand your risk landscape through the due diligence phase and make the right vendor selection.
Due Diligence

Contract Facilitation & Negotiation

Negotiation
Automation will be deployed during the contract facilitation phase, integrated with your lifecycle vendor management process, creating a streamlined and efficient workflow. Engage digital tools that can identify that contract requirements are met, and facilitate all levels of approval, perfect for large and enterprise sized firms.

Ongoing Monitoring & Oversight

Conduct monthly, quarterly or annual vendor audits based on vendor tier, subject to risk rating and a series of organizational requirements. Customized solutions can be developed including a vendor portal to foster interaction between service managers and vendors.
Monitoring

Termination & Exit

Terminated
Tied back to the contract management phase, a termination checklist is available for ease of reference and an in-depth understanding of vendor contractual requirements. Simplify the process with quickly accessible documentation.

Why Valenta's Vendor Management?

Full lifecycle management

Our end-to-end offering ensures a seamless engagement process where our consultants work extensively with your business to understand opportunity, maintain regulatory compliance and improve process efficiencies. Starting from the planning phase, to risk classification, and then all of the way through the entire vendor life-cycle, we provide the support you need to focus on less tedious tasks

Ongoing Risk Assessment

Risk doesn’t stop upon vendor engagement and neither do we. Our vendor management service will ensure all vendors are monitored continually to ensure that your risk tolerance is maintained across all vendors.

Automation

Manually monitoring vendor risk is a tedious and time-consuming task. With automation and intuitive BOTS you can ensure that ongoing vendor risk assessment is conducted consistently, even after vendor engagement. BOTS works 24/7 and make zero errors, ensuring that you are safe-guarding your organizational against risk.

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