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Third Party Vendor Management Consulting Solutions

with Ongoing Lifecycle Analysis & Support

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Vendor Management Strategy for Canadian Firms

A well-executed Vendor Management strategy is of paramount importance for businesses. It empowers organizations to exercise effective oversight and control over their supplier and third-party vendor relationships while mitigating associated risks. By implementing a diligent vendor management approach, businesses can ensure regulatory compliance, optimize costs, streamline processes, and uphold exceptional performance and quality throughout the vendor lifecycle. Partnering with a trusted vendor management expert like Valenta equips businesses with the necessary expertise and support to navigate the intricacies of vendor relationships, allowing them to allocate resources towards core operations and strategic initiatives.

Valenta Third Party Vendor Management Advantages

With our comprehensive services, businesses unlock a host of benefits. We expertly mitigate risks, ensure compliance, optimize costs, streamline processes, and provide ongoing monitoring, all while granting you peace of mind. As your trusted partner, Valenta allows you to focus on your core business activities while our team of experienced specialists handles the intricate details of vendor management. Rely on our strict vendor selection criteria, contract negotiations, and risk mitigation strategies to minimize vendor-related risks and maximize efficiency.

Third Party Vendor Management Services for Canada

Valenta Third Party Vendor Management Services in Canada prioritize the ongoing nature of vendor management, with particular attention to the crucial initial risk assessment phase. Our dedicated staff ensures that your vendors adhere to your requirements and risk ratings, conducting reassessments as necessary. As part of our commitment to digital transformation, we strive to digitize vendor management processes, leveraging smart automation technologies to streamline the entire ecosystem. With Managing Partners located in cities across Canada, we bring local expertise and experience to our engagements. Explore our comprehensive services in this area and reach out to our Partners to discuss how Third Party Vendor Management can drive transformative growth for your business.

Valenta's Third Party Vendor Management Process

Planning Phase

Critical to the success of vendor management, the planning phase is focused on vendor requirements including scope of work and deliverables and the development of planning checklists to ensure all key stakeholder requirements are met. Digitization of this process can be developed (if not already) to streamline planning. Valenta will create processes to ensure a robust program; for example linking the Expense Request Process (ERP) to ensure it communicates with the third party risk management tool, if appropriate. Further to this, vendor portals or document depositories can add immense value, and reduce this time consuming part of vendor management. Create structures to safeguard the foundation for selection.
Checklist

Risk Classification

Including both MRA and IRA, Valenta offers world-class resources that can review or setup the most appropriate framework for risk classification. In line with best practices, and utilizing digitization and automation to streamline processes, risk can also be minimized through a highly structured globally proven blue-print. Our risk classification procedures will provide greater transparency, and a more in-depth understanding of risk, in a faster, more efficient way.

Due Diligence and Selection

Offering extensive pre-contract guidance for assessing and managing the dimensions of risk associated with third party relationships. Understand your risk landscape through the due diligence phase and make the right vendor selection.

Contract Facilitation & Negotiation

Negotiation
Automation will be deployed during the contract facilitation phase, integrated with your lifecycle vendor management process, creating a streamlined and efficient workflow. Engage digital tools that can identify that contract requirements are met, and facilitate all levels of approval, perfect for large and enterprise sized firms.

Ongoing Monitoring & Oversight

Conduct monthly, quarterly or annual vendor audits based on vendor tier, subject to risk rating and a series of organizational requirements. Customized solutions can be developed including a vendor portal to foster interaction between service managers and vendors.
Monitoring

Termination & Exit

Tied back to the contract management phase, a termination checklist is available for ease of reference and an in-depth understanding of vendor contractual requirements. Simplify the process with quickly accessible documentation.

Why Valenta's Vendor Management?

Full lifecycle management

Our end-to-end offering ensures a seamless engagement process where our consultants work extensively with your business to understand opportunity, maintain regulatory compliance and improve process efficiencies. Starting from the planning phase, to risk classification, and then all of the way through the entire vendor life-cycle, we provide the support you need to focus on less tedious tasks

Ongoing Risk Assessment

Risk doesn’t stop upon vendor engagement and neither do we. Our vendor management service will ensure all vendors are monitored continually to ensure that your risk tolerance is maintained across all vendors.

Automation

Manually monitoring vendor risk is a tedious and time-consuming task. With automation and intuitive BOTS you can ensure that ongoing vendor risk assessment is conducted consistently, even after vendor engagement. BOTS works 24/7 and make zero errors, ensuring that you are safe-guarding your organizational against risk.

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