Policy, Program and Procedures

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  • 1.  "New" vendor definition

    This message was posted by a user wishing to remain anonymous
    Posted 06-03-2021 04:09 PM
    This message was posted by a user wishing to remain anonymous

    How long do you consider a vendor "new"? Is there some type of probationary period (eg, 3 months, etc) during which you still consider the vendor new? We're working on metrics and I'm trying to get a sense of what the scope should be for designating a vendor as "new"

  • 2.  RE: "New" vendor definition

    Posted 06-07-2021 02:29 PM
    So our metric is based on pending/active.  A vendor is considered pending up to the point that all due diligence has been obtained and reviewed, vendor is approved and contract is signed (new vendor onboarding).  After that we consider the vendor to be active and ongoing due diligence is based on how operationally critical the vendor is to operations- we rate as either critical, material or minor.​  We also will move vendors to a watch list if there are areas or concern in performance or due to ongoing due diligence review in which case we customize additional reviews and frequency to the specific situation. 
    Any probationary period would have to be contractual I would imagine if you were planning to terminate contracts or enforce some kind of penalty or possibly even if you wanted updated due diligence documentation more frequently during a specific period.


    Shelly Chase
    Senior Risk Analyst Officer