VENDOR

ASSESSMENT
 ABOUT
AN EVALUATION AND APPROVAL PROCESS THAT
BUSINESSES CAN USE TO DETERMINE IF
PROSPECTIVE VENDORS AND SUPPLIERS CAN
MEET THEIR ORGANIZATIONAL STANDARDS AND
OBLIGATIONS ONCE UNDER CONTRACT. THE
END GOAL IS TO SECURE A LOW-RISK, BEST-IN-
CLASS VENDOR AND SUPPLIER PORTFOLIO.
 Purpose

3
ELEMENTS

Knowledge and Expertise

Li censi ng and pri ci ng model s
Reputati on and market posi ti on of
model s the product
Terms and condi ti ons
Stabi l i ty of suppl i er
 BENEFITS

Risk Mitigation

Lower Regulatory Compliance

Risk

Decrease Security and Cyber

Risk
 Disadvantage
1
s

It may be a time consuming and

2
tedious activity.
It does not prevent the risk of failure
as the partnership changes.
The vendor assessment results may
3 be biased based on the stakeholder’s
subjectivity