Vendor Vetting Policy
July 11, 2016
While many organisations have successfully implemented internal Background Checks and Employee Screening, many have not closed a critical loophole that could expose your organisation to significant risk. One of the most underestimated threats to any organisation can be the suppliers, vendors or contractors that your company deals with on a daily basis.
Each and every organisation, has every right to shield itself from unethical, fraudulent, dishonest or unsuitable services providers, which may expose the company to financial and reputational disaster.
However, organisational leaders must also ensure that Supplier and Vendor Vetting is a structured and accepted part of the process. A poorly planned, haphazard approach will expose your company to criticism, dissatisfaction and even legal action.
One of the most effective ways to avoid these problems is to make Vendor Vetting an accepted and standard part of company procedure, even for long-term services providers, through the implementation of a carefully considered policy based on best practices.
Such a policy shows a company’s clear intention to protect both its employees and customers as a matter of procedure. Adoption of best practices demonstrates that the company applies its vetting standards fairly, with cause, without prejudice and in compliance with all legal requirements.
Having a standard, mandatory policy protects employees, customers, vendors, suppliers and the organisation. For further information, or advice on how to setup a standard vendor vetting policy, contact iFacts today at firstname.lastname@example.org
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