Vendor Compliance Checklist

Vendor Compliance Checklist

Vendors are an integral part of your business life cycle. However, a lack of a proper compliance policy can increase the risks of non-compliance. Compliance at its root is a legal responsibility. Vendor compliance management ensures all vendors have the appropriate training and certifications. Therefore, if you want a robust vendor compliance program, list all of your expectations in your vendor contract as part of your vendor compliance checklist. 

A well-planned vendor compliance program should state consistent goals and parameters. It can help you standardize internal procedures, achieve significant ROI to boost organizational efficiency, and give you an edge over your competition. Make your vendors obligated for their products, service, and mistakes as they are critical to the success of your business.

As a Chief Compliance Officer, it is your responsibility to promote compliance for your organization. Organizations nowadays also develop a chargeback schedule to penalize the vendors who do not follow the procedures. To learn more about meeting vendor compliance requirements, download this checklist now!

Third-Party Vendor Due Diligence Checklist

Vetting and choosing vendors is one of the most important decisions you’ll make for your business, especially for third-party information security. Once you’ve narrowed your vendor options to those that can support the organization’s needs, it’s time to gather the information that will help you take a risk-based approach to vendor selection – this is the Third-Party Vendor Due Diligence Process. This information enables you to rank potential vendors' risks to your organization, strengthening your organization and protecting you from insecure or irresponsible vendors.

Third-Party Vendor Due Diligence Checklist

As organizations grow, expand, and merge, it is essential to build sustainable third-party vendor networks by leveraging the power of sophisticated technology. Once the solution technology is implemented, third-party vendor due diligence becomes a regular part of doing business that everyone in the organization values and follows. It helps the organization establish relationships with the right vendors from the beginning, bringing down the overall cost of audits and compliance. In the end, knowing your vendor risks in advance helps the organization as a whole and is also in favor of consumers and society at large.

To know more, access this checklist by completing the form and clicking “Download Now.”

Contract Obligations Tracker

Contract Obligations Tracker

Each party to the contract will have different obligations. Failure to perform any obligation under the terms of a contract generally constitutes a breach of contract. Some of the most basic forms of contractual obligations which can be traced in almost all the contracts include payment, delivery, quality, etc. To maintain a log of these obligations from both contracting parties and ensure that compliance is being met, we have devised this ready-to-use contract obligations tracker. This will not only help you log the obligations, but also assist you to adhere to them and take corrective action in case of non-compliance.

Mitigate consequences of non-compliance and breach of contract by using this editable contract obligations tracker, in the form of obligation management worksheet, which will help you achieve a high level of contract compliance.

Express Professionals Achieves Contract Visibility for Services Agreement

About Company

Founded in 1983, Express Employment Professionals serves customers globally through a network of more than 850 franchise locations worldwide. 

Express used Symfact as their primary contract management solution to manage all the service agreements, vendor, franchise, and employee agreements. With an increasing number of contracts and limited functionality in Symfact, contract managers at Express wanted to achieve a single source of truth for all their service agreements and contracts, and also simplify the contract authoring and storage. 

Moreover, Symfact is an OnPrem contract solution making it challenging to work across borders, and needed a cloud-based contract management solution. Also, the contract managers wanted to implement role-based contract access with streamlined contract audits that comply with their monthly, quarterly compliance schedules. 

Key Contract Management Challenges

We work with 800+ vendors and recruitment partners, making it challenging to get visibility for contracts created, canceled, processed, and signed. We are looking to adopt AI and get contract visibility across all the agreements which lacked in the on-premises contract management solution. Another challenge for Aavenir’s team was to abstract and migrate all the legacy contracts to the ServiceNow platform shared with the customer.

The key challenges include:

"Not all contracts are the same, and automating the contracting process with AI-based workflows helped us streamline the review process for all categories of contracts. Aavenir Contractflow added verifiable value to our processes with a unified contract repository, automated notifications, and dedicated contract management dashboards to manage contracts for our International Headquarters and for 800+ franchise offices worldwide.

Not to mention the flexibility for customizations, priority training, and support received by team Aavenir was phenomenal.”

-Jared Mashaney
Sr. Counsel | Director of Contracts and Franchising, Express Employment Professionals

 

The Solution: Aavenir Contract Lifecycle Management Solution for Professional Services

Express’ service agreements are managed in Symfact, and all the data needed to be migrated to the ServiceNow platform as it offers more flexibility. Aavenir Contractflow is an AI-enabled cloud-based contract management solution built natively on the ServiceNow platform delivering Microsoft Word enabled contract authoring, secure storage, and advanced contract reports with contract audit dashboards. Additionally, they wanted to simplify the contract workflow process, keeping the entire contracting process streamlined in a single system. Moreover, contract redlining and editing contract agreements were easy with Aavenir Word add-in.

AI-enabled Contract Authoring + Centralization 

Express can create multiple service agreements and consolidate all contracts in a centralized repository on Now Platform with enhanced contract search functionality. AI helped to create contracts directly from emails and other digital documents, simplifying the contract authoring cycle. 

Cancel Contracts with Flexible Workflows

Some of the service agreements were required to be canceled in real-time which was achieved with Aavenir Contractflow. Also, the solution offered custom contract processing workflows based on the vendor type. The signing of contracts was implemented to capture both wet and e-signatures.

Renaming Contracts with Drag n Drop Contract Creation from Attachment

Express’ contract management team needed to create agreements on the fly, so a custom implementation was enabled in Aavenir Contractflow where users can create agreements by simply drag-n-drop of email attachments and the AI would create contracts on the fly. This shortens the contract creation time and proper contract version controls were maintained in the centralized contract management system. Renaming contract agreements were also implemented in the Aavenir Contractflow solution to maximize efficiency and reduce contract creation time.

Contract Reports & Dashboards 

Aavenir Contractflow offered custom contract dashboards providing contract visibility for key metrics like contract by month, contract cycle time report for individual contract types, contract due to renewal, upcoming renewals, total spend by vendor, total spend by status, and more. 

Key Results

Express Professionals and Aavenir teams went through a series of sessions for successful implementation and adoption. And, it wasn’t long before they saw the benefits of using Aavenir Contractflow.