Glossary definition: Vendor Management Policy

Vendor Management: Creating a Policy for Success

A Vendor Management Policy is a set of guidelines and procedures designed to ensure that vendors providing goods and services to an organization are properly managed. The policy outlines the expectations for vendors and the organization’s responsibilities for vendor management. It also provides guidance on how to select, assess, and monitor vendors to ensure successful outcomes. The policy outlines how to manage vendor relationships, how to address performance issues, and how to ensure that vendors meet contractual requirements and organizational standards. The policy should also include guidance on how to manage vendor contracts, how to handle confidential information, and how to ensure compliance with applicable laws and regulations.