Managing relationships with third-party providers is a major concern in the banking, healthcare, retail and tech industries…and beyond. We’ve gathered recent news, insights and opinions on vendor risk management, contract management, third party assessments and more. Help yourself to this week’s reading roundup!
By Dave Hulsen, Co-Founder of RFP360 – Gardening is one thing, but what about our growing businesses and the third-parties we engage to help us flourish? As I thought about the numerous vendors we rely on, I started to think about what “pesky” vendors might be choking out our true partners (i.e. the ones that are truly critical to our success). If any of our vendors are increasing the amount of risk we manage to unacceptable levels, we need to identify them.
Managing risk within the confines of your own business is hard enough. When you tack on risk associated with vendor relationships, the complexity only grows. As business leaders, we have to carefully manage vendor relationships to protect our customers, employees and stakeholders, but the process can be daunting.
It’s officially proposal season here at Onspring, and the requests for proposals (RFPs) are starting to stack up. I’ve learned a lot about business proposals, having my hand in hundreds over the years. When you produce a few proposals a year as opposed to a few a day, it’s easy to adopt some common misconceptions about your potential client or partner. While you are likely to spend countless hours crafting the perfect response, your recipient will not and cannot spend the same amount of time considering and appreciating it. Here are some helpful strategies I’ve picked up over the years that can get you on the right track.