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!