Vendor management governance is fundamental to ensuring you get the maximum value from your vendors with the minimum risks to your organization. Establishing these practices throughout the organization helps identify gaps in your workflow processes that auditors could cite you for being noncompliant with your policies. Understanding what constitutes the various components of governance allows you to better communicate to your organization the importance of establishing governance and how it will help everyone.
Vendor Management Governance: Forming the Vendor Management Initiative
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