Maximizing Compliance Opportunities: Your Vendor Onboarding Process and Vendor Master File

From JDSUPRA, “When it comes to the vendor onboarding process, compliance practitioners need to participate in the design and implementation of procedures for screening, onboarding and monitoring vendor activity. For obvious reasons, a company faces significant risks from its vendors – a company has to make sure the vendor provides the requested goods and/or services, adheres to the company’s supplier code, and refrains from bribery of the company’s procurement officials or other improper activities. In certain circumstances, shady vendors can be used as a means to gain unauthorized access to company funds.

A chief compliance officer and the procurement officials need to coordinate their activities to maximize access to information about the vendor, verification of the vendor’ information, and ongoing monitoring of the goods and/or services it provides as well as payment arrangements for such goods and/or services.”

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