Vendor Classification Structure

Vendor Classification Structure

Nov 8, 2018

The formalized process by which vendor products (goods or services) are evaluated in comparison to a predetermined grouping of similar products. Classifying vendors provides organizations with benefits that include efficiency and consistency for common control evaluation across like-product vendors under a pre-set group of standards (e.g., all vendors who develop/maintain custom software, all vendors who maintain hardware, all vendors who perform back-office processing, etc.).

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