Vendor Selection Process Risk Management

Vendor Performance Management
Performance Metrics
Key Performance Indicators (KPIs) for tracking vendor performance
Regular Reviews
Frequency and methods of performance reviews
Feedback and Communication
Open lines of communication for continuous improvement

1. Introduction What is Vendor Management? The process of managing and overseeing vendor relationships to optimize their performance, minimize risks, and ensure mutual benefit.

2. Importance of Vendor Management Why is Vendor Management Important? Cost savings Quality assurance Risk management Building strong partnerships

3. Vendor Selection Process Identifying Needs Assessing internal requirements Research and Evaluation Market research, vendor comparison, and evaluation criteria Request for Proposal (RFP) Purpose and components of an RFP Vendor Assessment Quality, cost, reliability, and compliance