Contract Management

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  • 1.  Legal and Negative News search

    This message was posted by a user wishing to remain anonymous
    Posted 11-28-2022 11:46 AM
    This message was posted by a user wishing to remain anonymous

    Does anyone have recommendations for performing negative news searches on Google for new vendors and those we are doing our annual due diligence for? We do not have a specialized system for it, and the previous person never had any procedure for it, so i am trying to get some basic approach down for staff members and myself. Thank you for any information or advice you can share!


  • 2.  RE: Legal and Negative News search

    Posted 12-01-2022 03:36 PM

    Hi,

     

    Here are some suggestions I wanted to share with you regarding: Negative news searches for new vendors (for Onboarding consideration) as well as for existing vendors towards annual due diligence (for Ongoing Monitoring critical and high risk rated vendors annual requirements):

     Lawsuits are public record.  Look at the SEC's website to locate if any pending litigation is filed against the prospective or existing vendor. SEC.gov | Filings & Forms

     There are search engines available online which specialize in negative news searches including, Owlin, Argos Risk, Factica and Lexis.

    There are some applications that offer negative news at a glance that compiles the information in one place which make due diligence easier and more cost effective, particularly for large vendor inventories.


    I hope you find this helpful, but I'd love to hear what other members are doing as well.


    Original Message


  • 3.  RE: Legal and Negative News search

    This message was posted by a user wishing to remain anonymous
    Posted 12-02-2022 08:13 AM
    This message was posted by a user wishing to remain anonymous

    If the vendor provides services to the public it's also worth checking sites such as Trustpilot although you have to be aware that these sites don't provide the full picture as customers are often more likely to leave negative feedback than positive feedback.

    Worth checking sites like Glassdoor as they provide an insight into the working environment although - as above - there's a tendency for some employees to use it as a way of getting back at their employer.
    Original Message


  • 4.  RE: Legal and Negative News search

    Posted 12-02-2022 08:14 AM
    And on the other side of the third-party 'news ledger' it is good to fine tune a monitoring system to tap into general news.  Things like key management changes, new products, acquisitions, and more can be gleaned (for free) from following the vendor on LinkedIn or setting up Google Alerts in a judicious manner.

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    L. Beachy
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    Original Message


  • 5.  RE: Legal and Negative News search

    This message was posted by a user wishing to remain anonymous
    Posted 12-02-2022 10:25 AM
    This message was posted by a user wishing to remain anonymous

    To follow up on this, what do you all do if you find negative information reported on the vendor?  Is this communicated to the businsess that manages the vendor relationship to follow up with the vendor?  If reviewed at onboarding, is this grounds for declining the vendor?  Is it tracked as an issue for the vendor to resolve or are they placed on a watchlist?  Is this reported in your vendor management reports to executive committees and the board?
    Just trying to understand the full picture for how this information is used for others vendor management programs.  Any insight is appreciated.
    Original Message