#Software selection decision matrix free
Get more risk mitigation information, tools, and templates in the “ Definitive Guide to Vendor Risk Management.”ĭownload the Risk Assessment Matrix Templateįind more useful tips and templates at “ Free Vendor Risk Assessment Templates." Once you identify potential partners, have them complete a questionnaire that thoroughly covers security management system details. It’s crucial to ensure the vendor takes the proper measures to encrypt and protect your data. First, identify and evaluate the type of data that vendors and suppliers may need to access, and decide whether they need to access all, some, or none of it to do their work. Your selection process should focus on assessing a third-party vendor or supplier to store your data. Therefore, it’s crucial to protect all your customer and company data. Decrease Security and Cyber Risk: The threat of cyber risk grows as we increasingly move our work to the cloud.Scope of Service and Contract Compliance: Conduct a legal review of contract terms, nondisclosure agreements (NDAs), or partnership agreements to ensure that you’ve set favorable conditions and mitigated any risks.For example, if you do business in the European Union, the General Data Protection Regulation (GDPR) applies. If your vendor is in another country or you sell to another country, check those countries’ legal requirements, too. Lower Regulatory Compliance Risk: Confirm compliance with the laws, regulations, and standards that apply to your business.Risk Mitigation: By carefully vetting vendors and suppliers, you can lower the regulatory, contract, and security risks of working with entities outside your company.A reliable process and careful vetting helps avoid that risk - and many others.”Īdditional benefits of vendor assessment include the following: “Post-award, this leads to a perfect storm: a fractious relationship characterized by ‘blame game’ disputes and, often, operational failure. “Deficient evaluation constructs begin with poorly defined specifications, which then feeds into the procurement process and award criteria and the selection of suppliers that lack the necessary expertise or resources,” Carter explains. Carter advises caution when selecting business partners for goods and services. Therefore, exploring the quality and robustness of vendor and supplier contingency plans is crucial.”ĭr. “Future crises driven by foreseeable factors - global warming, wild animal and nature conservation, human interactions, and political unrest - are almost inevitable. “What the COVID-19 emergency illustrates,” Carter says, “is the importance of engaging suppliers with sufficient resources and access to working capital to continue to operate, gear up if necessary to meet demand, and survive crises.” Assessing vendor and supplier crisis management plans is one of the aspects of risk mitigation you should consider during your vetting process. Carter points to the COVID-19 pandemic as a prime example of the need for systematic vendor and supplier assessment that enables organizations to weather any storm in the business environment. Ray Carter is Director of DPSS Consultants (Developing People Serving the Supply Chain), creator of the 10C Model of Supplier Evaluation, and author of five vendor management and supply chain books, including Practical Procurement.
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