Important Lessons Learned in Vendor Management From 2021

Updated: Jun 30

As we approach the end of the year, it's a time to reflect on the past year and all that it has taught us. 2021 has been a continuation of the challenges that 2020 brought with the added layer of a global pandemic. Although we are still in the midst of these challenges, we have learned many lessons along the way.


Important Lessons Learned in Vendor Management From 2021


1 - Cybersecurity Should Always Be a Top Priority


If a breach happens in the future, organisations will be more prepared to respond. As a whole, cybersecurity has drastically improved over the last five years. Although we are still not where we need to be, we have made notable strides.


2 - It Is Critical to Monitor Your Vendor's Health


Many organisations were unprepared for the effects of the pandemic. Those that monitored the public health reports and their vendor's health were able to better manage the pandemic. The lesson learned here is that it is critical to monitor your vendor's health. Some vendors have been better able to recover than others. In the event of another pandemic, monitoring your vendor's health will help you to manage the pandemic to its conclusion.


3 - You Must Stay Informed about the Regulatory Environment


The regulatory environment is ever-changing, and we must stay informed about those changes. The FDA is still working through the backlog of pending applications, and many other protocols have changed as well. Those who are highly informed about the regulatory environment are more prepared to manage any regulatory changes they may encounter.


4 - Leveraging In-House Experts Yields Better Results


In-house experts have increased the effectiveness of internal teams and their ability to deliver. Organisations that leverage their in-house experts to help deliver projects are able to make decisions faster, better understand risks and are able to make more accurate decisions.


5 - It Is Important to Keep Your Vendor Informed About Your Plans


If you expect that your vendor will work on your project, it is important to keep them informed about your plans. You must train your vendor about your plans on at least a quarterly basis. All your plans should be documented. This way, your vendor will understand your baseline and be able to provide better support.


6 - Outsourcing Vendor Risk Management Is a Good Idea


Outsourcing vendor risk management has proven to be a good idea. Local resources are more limited, especially if there is no in-house risk management resource. If your organisation does not have in-house resources, outsourcing your vendor risk management is more advantageous.


Conclusion


The lessons learned in 2021 are critical for organisations to stay ahead of the challenges that the future may hold. We have made significant strides to better mitigate our risks this year. There are many more lessons to be learned, and in the coming year, we will continue to learn more about what to do and what not to do. Now is a good time to get your organisation ready for the coming year. Many of the practices that have been successful in the past will continue to be successful in the coming year and in the years to come.


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