How to Administer Vendor Assessments
Webinar Details $219
- Webinar Date: May 10, 2023
- Webinar Time: 2:00pm - 3:40pm EDT live
- Webinar Length: 100 Minutes
- Guest Speaker: Kenneth Jones
- Topic: Purchasing
- Credit: CPE 2.0, ATAPU 1.5, ISM 1.5, QPANJ 2.0
Everyone in procurement or who is engaged with the selection of vendors needs to know how to mitigate risk when dealing with vendors. This program on vendor assessment will guide participants through the process of setting up a vendor responsibility review program. Attendees will be given tools they can use to review vendors on various key risk factors. Besides drafting a vendor questionnaire, they will learn ways to evaluate and confirm the vendor information provided using a vendor assessment verification form. This program will provide guidance in establishing vendors that are responsible and responsive to the needs of the company or organization.
- Administering Vendor Assessments
- What Vendor Information to Request
- Establishing Procedures
- Establishing Forms
- Where to find useful Assessment tools
Key Learning Objectives:
- Create a Vendor Assessment Program
- Draft a Vendor Questionnaire
- Draft a Vendor Review Checklist
- Learn how to discover vendor issues
- Learn how to handle issues revealed by the Assessment
- Getting Management buy in of the Assessment Program
- How To Administer Vendor Assessments 00:04:15
- How To Document an Assessment Review 00:06:22
- What To Include In An Assessment Review 00:17:45
- What To Include In An Assessment Review Continued 00:24:54
- What To Request From Vendors In An Assessment Review - Legal Information 00:35:04
- What To Request From Vendors In An Assessment Review - Business and Officer Integrity 00:43:37
- What To Request From Vendors In An Assessment Review - Financial Review 00:53:08
- What To Request From Vendors In An Assessment Review - Affiliated Companies/Entities 01:02:18
- What TO Request From Vendors In An Assesment Review - Construction Additional Considerations 01:03:57
- Customization for Vendor Types 01:07:54
- Verification 01:13:37
- Verification Resources - Federal Debarment List 01:16:52
- Verification Resources - Excluded Parties List System 01:19:40
- Verification Resources - Better Business Bureau 01:22:14
- Verification Resources - Google 01:23:53
- Verification Resources - National Database Of Non-Profit Organizations 01:25:49
- Verification Resources - Your State (Department Of Labor’s) Debarment List 01:26:42
- Verification Resources - Your States Tax Warrant Notice System 01:28:04
- Verification Resources - New York State Stock Exchange 01:28:44
- Verification Resources - Verification Software Including 01:29:09
- Determining If A Vendor Is Responsible 01:32:20
- Negative Findings During The Review 01:33:18
- Negative Findings During The Review Continued 01:41:00
- Penalties For Vendors Who Fail A Review 01:41:13
- Communicating The Process 01:42:22
- Questions & Answers 01:43:28
- Presentation Closing 01:43:41
- Audit 00:57:42
- Bankruptcy 00:54:33
- Contract 00:46:23
- DUNS Number 00:42:42
- Financial Statements 00:53:47
- Liability 00:56:16
- OSHA (Occupational Safety and Health Administration) 00:51:58
- Vendor 00:46:24
- Z Score 00:53:58
Audit: A formal examination of an organization's or individual's accounts or financial situation
Bankruptcy: is a legal proceeding in which a debtor declares their inability to pay back their creditors.
Contract: A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
DUNS Number (Data Universal Numbering System): Is a unique, nine-digit series of numerals that identifies a business. It is designed to enhance the credibility of your business and enable potential customers, lenders and suppliers to learn about your company.
Debarment: Debarment is the state of being excluded from enjoying certain possessions, rights, privileges, or practices and the act of prevention by legal means. For example, companies can be debarred from contracts due to allegations of fraud, mismanagement, and similar improprieties.
Federal Debarment: A debarment results in an exclusion from Federal contracting and financial assistance government-wide for a set period of time, usually three years that is effective on the date the debarment decision is finalized. If circumstances warrant, the debarring official may impose a longer period of debarment.
Financial Statement: Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. ... A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.
Liability: In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.
Lien: A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A creditor or a legal judgment could establish a lien. A lien serves to guarantee an underlying obligation, such as the repayment of a loan.
Limited Liability Company (LLC): An LLC is a corporate structure where members cannot be held accountable for the company’s debts or liabilities. This can shield business owners from losing their entire life savings if, for example, someone were to sue the company. Can be a single member (much like a sole proprietor) or a multi-member. It shares certain traits of both corporations as well as partnerships or sole proprietorships. It is not a corporation.
Non-Profit Organizations (NPO): A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in contrary with an entity that operates as a business aiming to generate a profit for its owners.
OSHA (Occupational Safety and Health Administration): To ensure safe and healthful working conditions for workers by setting and enforcing standards and by providing training, outreach, education and assistance.
Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.
Z-Score: The Z-score formula for predicting bankruptcy was published in 1968 by Edward I. Altman, who was, at the time, an Assistant Professor of Finance at New York University. The formula may be used to predict the probability that a firm will go into bankruptcy within two years.