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Vendor Management Policy Template

Stop reinventing vendor risk policy from scratch with this complete policy template

  • 1. PURPOSE & SCOPE of vendor management
  • 2. VENDOR SELECTION CRITERIA and pre-engagement vetting
  • 3. ONBOARDING PROCESS across all functions
  • 4. CONTRACT REQUIREMENTS and key terms
  • 5. PERFORMANCE MONITORING and SLA tracking
  • 6. VENDOR ACCESS & SECURITY controls
  • 7. ESCALATION and remediation procedures
Vendor Management Policy Template
 

Building vendor management discipline means policy, processes, governance, and accountability across procurement, IT, security, and compliance. This template covers the full vendor lifecycle: selection, onboarding, monitoring, performance management, and exit. One playbook for all teams. Practical governance: what gets escalated, who decides, what documentation is required.

Building vendor management discipline means policy, processes, governance, and accountability across procurement, IT, security, and compliance. This template covers the full vendor lifecycle: selection, onboarding, monitoring, performance management, and exit. One playbook for all teams. Practical governance: what gets escalated, who decides, what documentation is required.

Why consistency matters

Vendor risk assessment is foundational to everything downstream: tiering decisions, monitoring priorities, remediation focus, board reporting. If your assessment is ad-hoc, everything else is unreliable.

A solid assessment framework gives you:

  • Comparable vendor scores - actually compare vendors against each other
  • Audit-ready documentation - show auditors exactly how you assessed and why
  • Faster cycles - standardized questions mean less customization
  • Clear escalation triggers - when a score drops, you know what to do

How to use this:

You have two paths forward. You can build this yourself using the template. Start by customizing it for your specific industry and risk profile, then send it to vendors to complete. As responses come in, you'll track them in a spreadsheet and score them manually. It takes time and effort to coordinate, but you own the entire process and can adjust it whenever you need.

Alternatively you can use ComplyScore®.
Instead of vendors filling out spreadsheets and you doing manual scoring, vendors answer once in the platform and scoring happens automatically. Risk trends appear in real-time, so you're not waiting weeks for data. Every vendor gets assessed using the exact same framework without shifting criteria or inconsistencies.
And here's the key difference: monitoring continues automatically without you having to rebuild the framework every quarter.