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Vendor Management Checklist
Vendor Selection
Identify business needs and requirements
Research potential vendors and create a shortlist
Check vendor credentials and references
Evaluate vendor proposals and solutions
Conduct vendor interviews and site visits
Contract Negotiation
Define scope of work and deliverables
Establish payment terms and schedules
Include service level agreements (SLAs) and performance metrics
Discuss confidentiality and data protection clauses
Review and finalize contract terms with legal counsel
Performance Monitoring
Set up regular performance review meetings
Track compliance with SLAs and other metrics
Collect and analyze performance data
Provide feedback and request improvements
Document and address performance issues
Risk Management
Identify potential risks and vulnerabilities
Assess the impact and likelihood of risks
Develop risk mitigation strategies
Implement risk monitoring processes
Review and update risk management plans regularly
Termination and Renewal
Review contract end dates and renewal terms
Evaluate vendor performance before renewal
Plan for transition or termination if necessary
Communicate termination or renewal decisions to stakeholders
Ensure proper handover and documentation during transition
