Vendor management is nothing more or less than risk management. This step requires the financial institution to identify the importance of the function to the organization, the nature of the activities the vendor will perform, and the inherent riskiness of the activity.

— CUNA Operations Sales & Service Council

It is this increasing dependence on suppliers that makes the traditional laissez faire approach dangerous, and has caused leading enterprises to start investing in vendor management.

— Gartner Research report

Enterprises require current information on key vendors to effectively execute or change their service and support strategies. One way to avoid problems is to be well-informed and prepared for them.

— Info-Tech Research Group

To help facilitate the proper vendor documentation, corporate legal departments should utilize contract management database software to track vendor relationships and flag those contracts deemed high-risk...

— Andrew M. Baer, Esq