Your Reputation Relies on Your Vendors
Vendor Management is an important piece of a Compliance Management System. No longer can companies absolve themselves of responsibility because a vendor didn’t deliver as required.
Vendors critical to your organization’s performance can strengthen your brand, or destroy it. If your vendor speaks directly with your customer, he speaks on your behalf and for your brand. If your vendor provides back-end support, critical services you provide to your customer may be directly impacted by your vendor’s performance. And when your vendors impact your ability to meet your promises to your customers or do not follow state or federal law, your regulator may hold you accountable for their actions.
Vetting a new vendor does not need to be cost prohibitive. Consider beginning your vetting process by conducting these four online reviews:
- Review the vendor’s website. Would you be comfortable directing your customers to the site? Are their services described clearly, transparently, and accurately?
- Consider the vendor’s mission statement. Does the vendor’s values and philosophies align with those of your organization?
- Research social media activity. How does the vendor interact with is customers online? What type of online reputation does the vendor have? Would you be comfortable if your customers participated the vendor’s social media activity?
- Read online reviews. How does the vendor react when customers raise issues? Are there recurring themes that might cause concern for your customers?
In addition to reviewing credit information and contacting references, online reviews will help create the picture of your vendor’s business reputation as you manage your vendor risk.
Contact us for your vendor management needs and support.