The Vendor Information Management Center of Excellence is a resource designed to support excellence in managing the vital vendor information for transacting business with a vendor. Those going through this training will learn the importance of vendor information along with compliance requirements, process steps, security, and controls necessary in managing it.
Upon selection of a vendor, the first step in bringing the new vendor onboard is gathering the pertinent information. This Course will look at vendor information gathering in detail, starting with the responsibilities of the vendor information management specialist. It will summarize the onboarding process, then review the key steps including gathering information, approvals, security of information transfer, and challenges to vendor onboarding.
In vendor onboarding organizations must obtain, check and validate the vendor’s information to ensure it is complete and sufficient to meet compliance requirements. Compliance obligations an organization must consider begin with the legality of the relationship–meaning the vendor is not a sanctioned or otherwise blocked party.
The Vendor Master File is at the heart of accounts payable operations. It holds the core information about vendors, which links to transactions. All repeat vendors must be in the vendor master file (VMF) for accounts payable to pay them. It is the repository for requisite vendor information for payments and compliance. The criticality of vendor information, with potential for error and fraud, requires protection through a number of internal controls. This course addresses ownership, content and security of the vendor master file.
There are many types of accounts payable fraud. This course is concerned with the schemes related to vendor information. There are two critical points to understand concerning vendor information management. The first is that a company must protect its vendor master file. The second point is that certain elements in a vendor record—bank account and taxpayer identification information—are sensitive, meaning that information must be protected. This Course will explore internal controls and the threats to vendor information, and how to secure the master file and information in it.
An organization’s relationships with its vendors is very important. Vendors provide the products, materials and services necessary that enable the organization to succeed in fulfilling its mission. Vendor relationships must be mutually beneficial to succeed, and good vendor relations bring a number of benefits. Because accounts payable personnel interact with vendors most often once the contracts are signed, they represent their organization to the vendor. This Course will address the importance of good relations and the importance and costs of providing good “customer service” to vendors.
How to leverage vendor information to better manage corporate spending and uncover fraud.