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Valenta > Consulting > Third Party Vendor Management

Third Party Vendor Management Consulting Solutions

with Ongoing Lifecycle Analysis & Support

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Vendor Management is a Critical Process

Effective Vendor Management stands as a critical business process that cannot be overlooked. It serves as the linchpin for overseeing and managing relationships and risks tied to suppliers and third-party vendors. A meticulous vendor management strategy aids businesses in proactively mitigating potential risks, maintaining regulatory compliance, driving cost optimization, and streamlining operational processes. With the guidance and assistance of a reputable vendor management partner such as Valenta, organizations gain access to invaluable expertise, enabling them to adeptly navigate the complexities of vendor relationships. Consequently, this collaboration frees up internal resources to concentrate on core business operations and strategic endeavors.

Valenta's Third Party Vendor Management Highlights

Our services offer an array of advantages for businesses. We excel in risk mitigation, regulatory compliance, cost optimization, process streamlining, ongoing monitoring, and instilling a sense of confidence. By joining forces with Valenta, you can prioritize your primary business activities, leaving the complexities of vendor management to our seasoned specialists. Count on our rigorous vendor selection process, contract negotiations aligned with your organization’s parameters, and swift termination procedures to effectively minimize risks associated with vendors.

Third Party Vendor Management Services in the UK

At Valenta, we recognize that vendor management is an ongoing endeavor, and our focus begins with a meticulous initial risk assessment phase. Our dedicated team ensures that your vendors consistently meet your requirements and risk ratings, conducting timely reassessments as needed. Embracing digitalization, we strive to digitize vendor management processes, leveraging smart automation technologies to streamline the entire ecosystem. With Managing Partners strategically located throughout the UK, our engagements benefit from local expertise and insights. Explore our comprehensive suite of services in this area, and feel free to contact our Partners to discuss how Third Party Vendor Management can revolutionize your business.

Valenta's Third Party Vendor Management Process

Planning Phase

Critical to the success of vendor management, the planning phase is focused on vendor requirements including scope of work and deliverables and the development of planning checklists to ensure all key stakeholder requirements are met. Digitization of this process can be developed (if not already) to streamline planning. Valenta will create processes to ensure a robust program; for example linking the Expense Request Process (ERP) to ensure it communicates with the third party risk management tool, if appropriate. Further to this, vendor portals or document depositories can add immense value, and reduce this time consuming part of vendor management. Create structures to safeguard the foundation for selection.
Checklist

Risk Classification

Including both MRA and IRA, Valenta offers world-class resources that can review or setup the most appropriate framework for risk classification. In line with best practices, and utilizing digitization and automation to streamline processes, risk can also be minimized through a highly structured globally proven blue-print. Our risk classification procedures will provide greater transparency, and a more in-depth understanding of risk, in a faster, more efficient way.

Due Diligence and Selection

Offering extensive pre-contract guidance for assessing and managing the dimensions of risk associated with third party relationships. Understand your risk landscape through the due diligence phase and make the right vendor selection.

Contract Facilitation & Negotiation

Negotiation
Automation will be deployed during the contract facilitation phase, integrated with your lifecycle vendor management process, creating a streamlined and efficient workflow. Engage digital tools that can identify that contract requirements are met, and facilitate all levels of approval, perfect for large and enterprise sized firms.

Ongoing Monitoring & Oversight

Conduct monthly, quarterly or annual vendor audits based on vendor tier, subject to risk rating and a series of organizational requirements. Customized solutions can be developed including a vendor portal to foster interaction between service managers and vendors.
Monitoring

Termination & Exit

Tied back to the contract management phase, a termination checklist is available for ease of reference and an in-depth understanding of vendor contractual requirements. Simplify the process with quickly accessible documentation.

Why Valenta's Vendor Management?

Full lifecycle management

Our end-to-end offering ensures a seamless engagement process where our consultants work extensively with your business to understand opportunity, maintain regulatory compliance and improve process efficiencies. Starting from the planning phase, to risk classification, and then all of the way through the entire vendor life-cycle, we provide the support you need to focus on less tedious tasks

Ongoing Risk Assessment

Risk doesn’t stop upon vendor engagement and neither do we. Our vendor management service will ensure all vendors are monitored continually to ensure that your risk tolerance is maintained across all vendors.

Automation

Manually monitoring vendor risk is a tedious and time-consuming task. With automation and intuitive BOTS you can ensure that ongoing vendor risk assessment is conducted consistently, even after vendor engagement. BOTS works 24/7 and make zero errors, ensuring that you are safe-guarding your organizational against risk.

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