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Last updated on 2024年7月27日

How can you proactively identify and mitigate risks associated with external vendors in your program?

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Managing risks with external vendors is a critical aspect of program management. When you outsource services or procure products from third parties, you introduce external risks into your program. These risks can stem from various factors such as vendor reliability, quality of service, compliance issues, and potential for disruptions in the supply chain. Proactively identifying and mitigating these risks ensures that your program stays on track, meets its objectives, and maintains its integrity. By engaging in thorough vendor analysis, establishing clear communication channels, and implementing robust monitoring systems, you can minimize the impact of these external factors on your program's success.

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Dr. Sanjib Sarangi

Fundraising & Partnerships | NRM | Climate Resilience | Livelihoods | Institution Building | CSR | Responsible Tourism…

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Sharada MG

LinkedIn Top Voice | Program Manager@PwC | Passionate Career Coach | I help clients drive program success by utilizing…
Mark Elliott

Project & Programme Management Mentor and Charity Volunteer

1 Vendor Assessment

When selecting external vendors, it's essential to conduct a comprehensive assessment of their capabilities and history. This means evaluating their financial stability, reputation in the market, compliance with relevant regulations, and their track record for delivering quality products or services on time. You should also consider their contingency plans for dealing with unexpected events. A thorough vetting process can help you avoid engaging with vendors that may pose a significant risk to your program.

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Dr. Sanjib Sarangi

Fundraising & Partnerships | NRM | Climate Resilience | Livelihoods | Institution Building | CSR | Responsible Tourism | NbS | Micro Enterprise Development | Project Design | Project Management
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From my own experience, I have learnt few aspects to adopt to mitigate the risk. 1.Selection of appropriate vendor (assessment on past experience, financial stability, credibility in market etc.) 2.Clarity in contracts (role & responsibility, timeline, quality, KPI etc.) 3.Proper monitoring (system of evaluation of the vendors work) 4.Appropriate communication (regular updates, troubleshooting if arises) 5.Contigency planning (in case something happens)

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Sharada MG

LinkedIn Top Voice | Program Manager@PwC | Passionate Career Coach | I help clients drive program success by utilizing effective management tools and to deliver impactful results | PMP, CSM, SAFe5, AWS-CP | AI Enthusiast
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In my experience, few of the strategies can be shared here. - Conduct Thorough Due Diligence: Evaluate vendors' financial stability, compliance history, and reputation to identify risks early. - Establish Clear Contract Terms: Define expectations, deliverables, and KPIs to ensure vendor accountability. - Implement Regular Performance Reviews: Conduct audits and performance assessments to monitor compliance and address issues promptly. - Foster Open Communication: Maintain transparency with vendors to quickly resolve potential risks. - Develop a Contingency Plan: Prepare a backup plan to minimize impact in case of vendor failure or service disruption.

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June Klein

CEO Technology&MarketingVentures,Inc |StrategyIntegrator|DecisionIntelligenceProcessAdvisor|ProblemSolverlValueAlgorithmicMethod| VentureDeveloper|GlobalFinTechTrailblazerInnovator lTransformationCnsltnt|EcosystemBuildr
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Everything today is interconnected and a simple change which makes sense looking at alone can have unexpected consequences. These show up when assessing the 4pillars in TMVinc framework. Technology pillar:!For example in upgrading a wordpress.org site, it is common to have automatic release updates to fix bugs & cyber, but that caused a conflict with releases used for mailerlite & php, that did not support latest release. Marketing: a vendor partner integrated solution like integrated browser code in QB & IE bconflicts, Venture: capital raising & contract deals.

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2 Diligent Monitoring

Once you've selected a vendor, continuous monitoring is key to early risk detection. This involves setting up performance indicators that align with your program's objectives and regularly reviewing vendor outputs against these benchmarks. Establishing a schedule for regular check-ins and audits can help you stay informed about the vendor's operations and ensure they adhere to contractual agreements. Vigilant monitoring allows you to identify potential issues before they escalate into significant problems.

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Sneha Manam, MBA

IT PMO Manager l Senior Program Manager l Award-winning IT Leader l Business Transformation
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External vendors can provide benefits in terms of bringing in external knowledge and cost savings. But their share of work should also be monitored on a regular basis just like you would monitor internal teams. Have the vendor teams provide a means to provide updates on a regular basis with program progress and create guardrails where necessary.

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3 Communication Channels

Effective communication with vendors is crucial for risk mitigation. Ensure that there are established lines of communication for regular updates, queries, and feedback. This also includes having a clear escalation path for addressing any concerns that may arise. Open and transparent communication helps build trust and facilitates quicker resolutions to any issues, thereby reducing the risk to your program.

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4 Contractual Safeguards

Contracts with external vendors should include clauses that protect your program from potential risks. These may involve penalties for non-compliance, stipulations for quality standards, and terms that outline the recourse in the event of a vendor's failure to deliver. It is also wise to have provisions for regular performance evaluations and the ability to renegotiate or terminate the contract if the vendor does not meet expectations.

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5 Risk Contingency

Developing a risk contingency plan is an essential step in proactive risk management. This plan should outline the steps to take in case a vendor fails to deliver, including alternative suppliers or remediation measures. It's important to have these strategies in place well before any issues arise so that you can act swiftly and effectively to minimize disruptions to your program.

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6 Knowledge Sharing

Finally, sharing knowledge and best practices within your organization about managing vendor risks can help in identifying potential issues early on. Encourage team members to report any vendor-related concerns and discuss them in regular meetings. By fostering an environment where information about vendors is shared openly, you can leverage collective insights to better anticipate and mitigate risks.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Mark Elliott

Project & Programme Management Mentor and Charity Volunteer
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Above all other factors, with external vendors, the greatest success factor in a serious project is developing a true sense of partnership. If the programme staff in each organisation know that they are true partners, they will look past the contract formalities and ensure progress is maintained. On either side, try and give small help or concessions early on to develop this partnership sense.

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How can you proactively identify and mitigate risks associated with external vendors in your program?

1

2

3

4

5

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1 Vendor Assessment

2 Diligent Monitoring

3 Communication Channels

4 Contractual Safeguards

5 Risk Contingency

6 Knowledge Sharing

7 Here’s what else to consider

Program Management

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How can you proactively identify and mitigate risks associated with external vendors in your program?

1

2

3

4

5

6

7

1 Vendor Assessment

2 Diligent Monitoring

3 Communication Channels

4 Contractual Safeguards

5 Risk Contingency

6 Knowledge Sharing

7 Here’s what else to consider

Program Management

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