Most nonprofits have a firm grasp on the quality of work being conducted by their staffs. A similar grasp on the work of those functioning on the organization’s behalf, such as vendors, might be a little more elusive.
During their presentation, “The Art (and Science) of Managing Risk with Third-Party Vendors,” at the Nonprofit Risk Summit in Philadelphia, Pa., Morgan Gomillion, contracts specialist at Health First Health Plans; Beverly Magda, associate provost of strategic partnerships at Harrisburg University of Science and Technology; Brian Nesgoda, senior vice president of Enterprise Risk Management and chief information security officer for Sikorsky Financial Credit Union; and, Tom Rogers, CEO of Vendor Centric discussed keys to managing the risk associated with third-party vendors.
Third-party horror stories including Equifax, Goodwill, and community colleges across the state of Washington have brought increased sensitivity to third-party issues, said Rogers. Increasing regulations and certifying bodies are also ramping up awareness. Specific tips discussed during the session included:
- What to consider around vendor management: Vendor management is a…