Is Hiring a Vendor Manager Worth the Hassle?
Whether managing risk in one department or throughout the enterprise, analyzing and selecting the best vendor at the right price, delivered in a timely fashion, is a critical part of the risk management process.
That’s where vendor managers come in. A vendor manager facilitates the relationship between their business and its vendors while meeting contractual obligations and compliance.
For many organizations, hiring a vendor manager can be a hassle. It’s difficult to find a vendor manager with the right qualifications, their salary could be in the six figures, and they may have some gaps in skills or experience. A better solution is a vendor risk management (VRM) solution that can do all the work of a vendor manager and more.
What does a vendor manager do?
A vendor manager’s job is to support the vendor relationship, manage the specifics of vendor contracts, and ensure that each vendor performs in accordance with those contracts.
Knowing as much about the company’s third-party vendors as possible is essential to the position. Finding qualified job candidates who can meet the demands of vendor management, therefore, takes time, effort, diligence, and a lot of training.
Why it’s hard to hire a vendor manager
The ideal candidate’s skillset will include the ability to communicate with vendors, managers, and users equally well, as well as analyzing and measuring the overall performance of third-party vendors used by information technology operations.
Finding the right vendor manager is, consequently, complicated because they must have the experience and skills necessary to communicate effectively with the different tiers of a company.
The perils of hiring the wrong vendor manager
Hiring the wrong vendor manager can be problematic for an organization. Vendor managers must keep meticulous records. This is vital when it comes to tracking what is being delivered and confirming the fulfillment of the company’s order.
An agile problem-solver who works quickly and efficiently to drive value to the organization could risk comprehensive due diligence. A risk management solution will not only take the pressure off your wallet, but costs less than a single employee.
Why trust an outsourced VRM solution?
How should an organization simplify its vendor risk management process so it can focus on enterprise risk? One solid option is to rely on the expertise of an outsourced VRM provider.
It’s important to do your due diligence in evaluating these providers, of course. A good dedicated VRM solution oversees your program in order to meet all regulatory requirements and maintain 100% compliance. It can interact with leadership and a team of analysts to perform due diligence — all while keeping costs low.
An outsourced VRM system is an answer to the challenge of onboarding, risk assessments, due diligence, monitoring, and implementing the next steps in the event of vendor termination. Having the right expertise embedded in its very design mean you’ll never have to worry about hiring vendor management staff again.
When it comes to vendor management, find an outsourced VRM solution that can automate processes, and strengthen management programs, and has the track record behind it to prove it can deliver as promised.
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