VENDOR ONBOARDING PROCESS

POLICY & PREQUALIFICATION
SET POLICY	Work with a team to create policy based on internal and external compliance regulations and laws.
PREQUALIFICATION AND RISK ASSESSMENT	Review vendors based on company needs and assess risk based on their previous compliance history and what processes they have in place.
PROCUREMENT DETAILS	Review vendor needs and structure potential contracts with those in mind.
SELECTION & ONBOARDING
SUPPLIER REQUIREMENTS	Further refine what company needs are for specific products or services and develop a checklist and communication protocols.
FINALIZE WRITTEN CONTRACT	Create documents and put them through legal review; after vendor selection, review them with the vendor.
ACCOUNT SET UP	Enter the new vendor into your software systems after contracts are signed; give the vendor access to the self-service portal and provide training.
PERFORMANCE AUDITING & RELATIONSHIP DEVELOPMENT
SPEND DATA AND ANALYTICS	Once the relationship has begun, track vendor performance.
ENSURE COMPLIANCE	Periodically check performance against any company or local, national, or international regulations and address any variance.
TRAINING AND SUCCESS SUPPORTS	Continue training as needed and after a performance review, work with the vendor to provide any further information or other supports.
ASSESSMENT & CONTRACT CONCLUSION
REVIEW PERFORMANCE	Collect ongoing performance data.
FINAL ASSESSMENT AND DATA REVIEW	Rate the vendor based on company metrics.
SHARE INFORMATION WITH VENDOR	Meet in person or virtually to communicate performance for the length of the contract.
CONCLUDE CONTRACT - RENEW OR REVISE	Close off the current contract, and decide if it should be renewed or revised before renewal.
IMPROVE PROCESSES	If discussions with the vendor, or the internal review, reveal points where there could be upgrades, meet with the internal work group and update processes.

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