Workflow Templates: Vendor Management Checklist

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Vendor Management Checklist

Vendor Selection

Identify business requirements and goals.

Conduct a market analysis to identify potential vendors.

Request and review vendor proposals and quotes.

Evaluate vendor capabilities and experience.

Perform a cost-benefit analysis.

Due Diligence

Check vendor's financial stability and background.

Verify vendor's compliance with regulatory requirements.

Review vendor's information security policies and practices.

Assess vendor's business continuity and disaster recovery plans.

Conduct reference checks with other clients of the vendor.

Contract Management

Negotiate terms and conditions of the contract.

Ensure contract includes service level agreements (SLAs).

Define key performance indicators (KPIs) for vendor performance.

Establish roles, responsibilities, and communication protocols.

Review and finalize the contract with legal and compliance teams.

Ongoing Monitoring

Schedule regular performance reviews and meetings.

Monitor vendor compliance with SLAs and KPIs.

Conduct periodic audits of vendor operations and security.

Track and resolve any issues or incidents with the vendor.

Update risk assessments based on vendor performance.

Termination and Offboarding

Develop a termination plan, including timelines and responsibilities.

Ensure return or secure destruction of sensitive data.

Conduct a final review of vendor performance and compliance.

Notify all stakeholders of the termination.

Update internal systems and documentation to reflect the change.

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