Due Diligence and Ongoing Monitoring

 View Only
  • 1.  Out of Scope Vendor Tracking

    This message was posted by a user wishing to remain anonymous
    Posted 01-10-2022 04:37 PM
    This message was posted by a user wishing to remain anonymous

    Our TPRM committee recently determined some of our vendors that will be considered out of scope. We currently have these vendors set up in Venminder and are debating whether or not we should remove them from the program. We also have a list in Excel of all the vendors we consider out of scope. 

    I am curious how others who use Venminder (or another vendor management program) when it comes to out of scope vendors. Do you keep track of them in your program just to show you are aware of the relationship with the vendor, or do you keep track of them another way? 

    We use reports from Venminder to report TPRM activities to our Board of Directors, and I'm not sure if I should be including the out of scope vendors with the rest of the data or if I should separate them. 

    What are your thoughts?


  • 2.  RE: Out of Scope Vendor Tracking

    Posted 01-11-2022 09:16 AM

    We determined it was best to keep everything in Venminder, even those vendors whom we consider "Exempt" or out of scope.  We categorize each vendor as either Critical, Tier 1, Tier 2, Tier 3, Reseller, or Exempt.  Exempt would be any engagement which is not include in our Vendor Management policy such as Board engagements, utility companies, and certain Facilities Management vendors.  This allows us to provide accurate reporting to our Board while keeping everything centralized.

     

    Tracy

     

    Tracy J. Wilson, PMP, FLMI, PCS

    Enterprise Services Manager

    Enterprise Services

    Modern Woodmen of America




    Modern Woodmen Email Disclaimer: This communication and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution or taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this communication in error, please immediately notify the sender by email or telephone and delete this communication from your system.





  • 3.  RE: Out of Scope Vendor Tracking

    Posted 01-11-2022 10:02 AM
    We've done similar as we like to keep track of all vendors in Venminder regardless of whether they are out of scope or not. To accommodate this, under the Products Profile we have added an "exempt" field, indicating that it is exempt from oversight. (When editing the products profile, use the "Add Profile item" button at the bottom).


  • 4.  RE: Out of Scope Vendor Tracking

    Posted 01-11-2022 09:19 AM

    It's nice to have them in your vendor records and show how you scoped them out. That way you have a record of all vendors that were considered under your program.

     

    Andy Ignacio

    Contract Management & Third-Party Oversight Manager

     

    Green text on a black background  Description automatically generated with medium confidence

     

    Together for People. Together for Business. Together for Better. Learn more at www.umpquabank.com

     

    This message, including any attachments, may contain confidential and/or privileged information. If you are not the addressee or authorized to receive this for the addressee, you must not use, copy, disclose, or take any action based on this message or any information herein. If you have received this message in error, please advise the sender immediately by reply e-mail and delete this message. Thank you for your cooperation.





  • 5.  RE: Out of Scope Vendor Tracking

    Posted 01-11-2022 09:55 AM
    We've opted to track this information in Venminder so we can acknowledge we've looked at the vendor and made the conscious decision it is OOS for our TPRM process. To help with reporting, we've set up a customized field under Vendor Information called "Relationship Type". One of the options for Relationship Type = Svc Provider: Out of Scope. This way, we can exclude from reports where that data is not relevant.

    ------------------------------
    Regards,
    Diana Daniels
    ------------------------------



  • 6.  RE: Out of Scope Vendor Tracking

    Posted 01-11-2022 10:24 AM

    How did you set up the customized field under "Relationship Type" in Venminder?

     

     

    A picture containing text, signDescription automatically generated

    Janette Olen
    Vendor Relations Manager

     

    Notice: This message, including any attachments, contains confidential information intended only for the addressee. If you are not an intended recipient of this message, be advised that any reading, dissemination, forwarding, printing, copying or other use of this message or its attachments is strictly prohibited. If you have received this message in error, please notify the sender immediately by reply message and delete this e-mail message and any attachments from your system. This message shall not be deemed to be a signature or other acceptance of a contract or other legal obligation, unless an attachment to this message contains a document that has been signed by an authorized representative of the party who intends to be bound by such document.

     






  • 7.  RE: Out of Scope Vendor Tracking

    Posted 01-11-2022 10:30 AM

    This article is a good reference for how to add a customized field under the Vendor Profile:

    https://support.venminder.com/hc/en-us/articles/360054851331-Getting-to-know-the-vendor-profile#h_01EVYAQZPXBGJ1NPXE5E135B2A 



    ------------------------------
    Regards,
    Diana Daniels
    ------------------------------