Vendor Management Program Policy – 10 Pages – 2000 Words

The policy outlines a framework for managing third-party vendor relationships, focusing on compliance, risk management, and aligning vendors with the company’s standards, particularly in areas affecting customer information security and legal regulations. It classifies vendors into risk categories and mandates thorough onboarding assessments, ongoing monitoring, and compliance checks, including annual on-site audits for high-risk vendors. The policy also stipulates corrective actions and potential termination of vendor relationships in cases of non-compliance or significant deficiencies, emphasizing continuous improvement and alignment with industry standards.