Section 10.93 Vendor Selection and Monitoring

Question 1

Vendor Selection and Monitoring

Answer 1

■ Due diligence

A rigorous evaluation that goes beyond surface-level credentials

● Includes the following
○ Evaluating financial stability
○ Operational history
○ Client testimonials
○ On-the-ground practices to ensure cultural alignment

Similar to hiring a team member

Question 2

Conflict of Interest

Answer 2

Arises when personal relationships could potentially cloud the judgement of individuals in vendor selection

Question 3

Vendor Questionnaires

Answer 3

Vendor questionnaires provide insights into operations, capabilities, and compliance

■ Standardised criteria for fair and informed decision-making

Question 4

Rules of Engagement

Answer 4

Guidelines for interaction between organisation and vendors

■ Cover communication protocols, data sharing, and negotiation boundaries

■ Ensure vendor interactions productive and compliant interactions

Question 5

Vendor Continuous Monitoring

Answer 5

Monitoring: Mechanism used to ensure that the chosen vendor still aligns with organisational needs and standards

■ Performance reviews assess deliverables against agreed-upon standards and objectives

■ Feedback loops:
● Involve a two-way communication channel where both the organization
and the vendor share feedback