Vendor Governance Definition
Vendor governance is the process of ensuring that an organization’s relationships with its vendors are effective and aligned with the organization’s goals and objectives. The goal of vendor governance is to protect the organization’s interests by ensuring that vendors meet their contractual obligations, deliver quality products and services, and do not pose risks to the organization.
An effective vendor governance program includes clear policies and procedures for vendor selection, contracting, performance management, and termination. Vendor governance also includes ongoing communication and coordination between the organization and its vendors.
