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Vendor Selection Services
- Do you need to reduce the overall cost of the products and services your vendors provide?
- Are you able to adequately oversee your service providers and document the process of risk analysis for regulatory purposes?
- Do you require your vendors to meet IGEISS objectives?
With new Examiner focus on Vendor Management and Service Provider Oversight, you can become compliant and save money at the same time by choosing InfoSight to evaluate your IT expenditures, efficiencies and service provider relationships.
At InfoSight, we help organizations ease the ever-increasing burden of compliance management while saving you money through an in-depth evaluation of your current and future outsourcing needs. We facilitate three key activities:
- Risk-based vendor selection
- Relationship management
- Compliance monitoring
- History
- Qualifications & Reputation
- References
- Financial Status
- Business Strategy
- Service Delivery
- Technology Structure
- Internal Controls
- Legal & Regulatory Actions
- Insurance Coverage
- Certifications
- Training
Complementary Services
RFP Development Services
IT Planning & Efficiency Studies
IT Security Services
What is
Vendor Selection?
Vendor Selection is the management and control, by an outsourcing provider, of those third parties that supply goods and/ or services to an entity. An organization will contract with an outsourcing provider to assume responsibility for vendor oversight so that management can focus on the more important business issues associated with meeting customer needs.
Fundamentally, proper vendor management is nothing more than risk management. This step requires the organization to identify the importance of the function to the organization, the nature of the activities the vendor will perform, and the inherent riskiness of the activity. The more risky the activity, the more important the need is for diligence in selection, in contracting, and in supervision and monitoring. Of course, for regulatory purposes, the process of risk analysis must be carefully documented.
Much of the vendor selection responsibility is related to controlling and regulating vendor performance. The person responsible for vendor selection requires experience in areas such as quality management, RFP development/vendor selection, or service level measurement.
Vendor selection done well drives performance for the organization. Done poorly, it could have dire consequences. The importance of attracting and selecting the right talent to manage major outsourcing or service vendors is essential.
Do you have something to add to this definition? Let us know. Email your comments and contributions.
