Developing a Vendor Management Philosophy: Vendor Management Process

Having a vendor management process helps to protect the business, adhere to regulations, assists in monitoring, measuring, mitigating risk, and to promote and encourage the overall quality.



The vendor management philosophy provides that the business operating management have primary responsibilities for managing their vendor risks, with Compliance/Quality Management, Corporate Procurement, Corporate IT and Internal Audit providing ongoing guidance, support, and feedback. Operating management is responsible for managing vendors in conformance to vendor management guidelines.