Vendor Monitoring
Vendor monitoring is a pivotal aspect of third-party risk management and provides a systematic approach to the evaluation and oversight of vendors’ performance and compliance. It ensures that vendors adhere to contractual obligations, maintain high-quality standards, and comply with applicable regulations and industry best practices. Through robust vendor monitoring, organizations can effectively identify and mitigate the risks and vulnerabilities, such as regulatory misalignment or poor-quality service, associated with third-party relationships. Regular evaluations and assessments enable the early detection of discrepancies and non-compliance, allowing for timely interventions and resolutions.
Reminder
An MSA outlines the terms and conductions of a contract and an SOW outlines the vendor’s task, the organization’s expectations, and predefined outcomes.