Part of any vendor risk management program involves putting together a list of vendors. Sometimes this information can be scattered across an organization, and it takes some real wrangling to collect it all. This is why software programs like VENDEFENSE® are convenient- because they help create a centralized list of vendors that are easy to update as necessary. Here are key places to look for your full list of vendors:
1. Accounts Payable Specialist
The Accounts Payable Specialist is the first place that most people look for vendors. This is probably the most practical place to look, primarily because most companies have to stay on top of their bills. The Accounts Payable Specialist will have all the company invoices, and in most instances have the most comprehensive list of vendors.
2. Internal Bookkeeping Software
Sometimes if the company is small enough, all the company
3. Department Heads
Occasionally, not all vendors will provide an invoice. What about
4. Tax Forms
Maintaining a current list of vendors is imperative to any vendor risk management program, but keeping a historical list of vendors is ideal. Even though the company may not have business transactions with a previous vendor, there’s a good chance that information is kept on file with the vendor and still poses a risk. Chances are good that this information will be stored on tax forms, so this is an ideal place to look for historical vendor information.
5. Bank Statements
Bank statements are a snapshot of invoices paid and is an excellent source to look up vendors. The information may not be complete, but it’s still a way to locate vendors that may be flying under the radar.
6. Credit Card Statements
While not all vendors are going to be included on a credit card statement or even be paid via credit card, it’s still a good place to look for one of those one-off vendors that aren’t necessarily used very often, but still poses a risk.
If you want an easy-to-use automated workflow that evaluates all third-party vendors and brings your weakest links to the surface, schedule a demo with us today!