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Five Ways to Mitigate Risks Posed by 3rd Party Vendors

Here are 5 Ways to Mitigate Risks Posed by 3rd Party Vendors:

Vendor Management Solution (VMS) is a discipline that enables businesses to not only cut costs but also: control expensesdrive service excellence and mitigate risks…while gaining increased visibility and value from their vendors.

Through LIMITLESS’s on-line software overall vendor management, as well as – vendor expense management, is accomplished by giving you absolute visibility into your vendors and spend. No matter what the vendor or type of service they provide – companies can have a comprehensive view into their: servicescontractsratestermsconditions and spends through this sophisticated web-based solution.

5 Ways your organization can mitigate risks is to:

  1. Identify all of your vendors in one centralized location.
  2. Prioritize Vendors by Risk.
  3. Vet all new vendors with due diligence.
  4. Review all contracts and service agreements on a regular basis and review with legal counsel.
  5. Have a backup plan for each vendor in the event of failure.

You must continually review your vendor management process to ensure all contacts are in place, documents are in place, all billing is optimized for best quality and pricing, risk alerts are established with back up plans and you feel confident that you are not overpaying or incurring unnecessary spend practices.

If you do not have the expertise, resources or time to handle these above steps you need to consider looking for a 3rd party provider to assist you in your vendor risk avoidance.

Or if you would like further advice from a Vendor Management Expert or have questions regarding avoiding vendor risks feel free to Contact us.

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