Due Diligence and Ongoing Monitoring

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  • 1.  Out of Scope Vendor Tracking

    This message was posted by a user wishing to remain anonymous
    Posted 18 days ago
    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 17 days ago

    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




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  • 3.  RE: Out of Scope Vendor Tracking

    Posted 17 days ago
    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 17 days ago

    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

     

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  • 5.  RE: Out of Scope Vendor Tracking

    Posted 17 days ago
    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.

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    Regards,
    Diana Daniels
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  • 6.  RE: Out of Scope Vendor Tracking

    Posted 17 days ago

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

     

     

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    Janette Olen
    Vendor Relations Manager

     

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  • 7.  RE: Out of Scope Vendor Tracking

    Posted 17 days ago

    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 



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    Regards,
    Diana Daniels
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