Vendor management is the process that empowers an organization to take appropriate measures for:
- Controlling cost
- Reducing potential risks related to vendors
- Ensuring excellent service deliverability
- Deriving value from vendors
Argo Group is committed to improving business results through mutually beneficial partnerships, programmatic performance analysis, vendor governance, reporting, and continuous improvement.
Our approach to managing vendors is to establish, maintain, monitor, and evaluate vendor relationships to reduce risks, contain and reduce cost, and achieve greater levels of collaboration in the delivery of competitive advantages to the company. Proper vendor management means:
- Conducting thorough due diligence during the selection of new vendors
- Continuous monitoring activities and management oversight of existing vendors
- Proactively managing contracts before the end of renewal periods and the addition of addendum
Our vendor management framework consists of a governance structure to set expectations and provide oversight, direction, thought leadership and accountability, as well as a policy that provides the foundation of principles, rules, and guidelines for the vendor management process.
The Vendor Management Governance establishes vendor decision making rights and creates accountabilities to ensure optimal performance, compliance and risk mitigation.
The Vendor Management Office is responsible for overseeing the implementation and reviews of the vendor management reporting and the ongoing monitoring of performance and risk.
Documents supporting the vendor management process such as the Data Privacy Controls, policy development, implementation plans, consultation, communication and training, target setting and annual reviews will be the responsibility of the Vendor Executive Committee.
