Vendor management is a valuable tool that can easily be outsourced to consulting service providers who will facilitate interviews and the procurement process. Vendor screening should apply to all potential suppliers with whom an organisation does business. This screening and monitoring process (Vendor Vetting) is to ensure that they meet the guidelines of vendor risk management.
Critical areas requiring verification for Vendor Vetting are:
- Is the vendor qualified to do the job?
- Does the vendor have the insurance necessary should there be a problem?
- Does the vendor belong to an industry-specific governing body?
A detailed profile of employees and contractors will help ensure that employees and contractors are not colluding to defraud a company. Research has proven that stringent internal controls, checks and balances have yielded better results than whistle-blowing.
Ifacts has the expertise, experience and authority to conduct detailed due diligence checks and give feedback on valuable information relating to background, financial status, and criminal records.
Such information would typically include:
- Verification of company details and directors.
- Individual checks on directors to reveal court cases, criminal records, credit checks and ID verification.
Where procurement is concerned, companies are advised to deal only with screened and approved vendors as this process is able to identify possible links between vendors and employees and flag possible collusion opportunities.
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