Best Practices
Partnering With Procurement – Part 2: Supplier/Vendor Contracts
This series affirms the value of having Third-Party Risk Management (TPRM) and Procurement/Sourcing actively engaged as partners in vendor management. Part 2: Supplier/Vendor Contracts describes contracts as being fundamental in identifying, selecting, mitigating, and minimizing exposures and risks when outsourcing. Knowing the associated risks a vendor poses to the organization – and putting controls in place to minimize risk – is imperative across the vendor lifecycle.