Vendor Management Steps
Pre-Sorting Vendors
VETTED.work pre-sorts vendors based on size, skillset, safety, and financial metrics, ensuring that organizations only invest time in the most qualified vendors. This saves time and resources, allowing organizations to focus on the most promising vendors. The pre-sorting process also reduces the risk of working with unqualified vendors, protecting the organization's reputation.
In-Depth Qualification Process
VETTED.work in-depth qualification process includes a comprehensive evaluation of company, owner, financial, safety, capacity for new work, references, operational support, facility, and staff information. This ensures that organizations have a complete understanding of the vendors they are considering working with, reducing the risk of business disruptions and protecting their reputation. The in-depth qualification process also helps organizations make informed decisions about working with third-party vendors.
Proprietary Algorithm
VETTED.work use a proprietary algorithm to evaluate vendor submissions and rate them based on risk factors. This innovative approach ensures that organizations can make informed decisions about which vendors to partner with, and can have confidence in their selection. Our algorithm takes into consideration a range of criteria, including size, skillset, safety, financial metrics, and more, to provide a comprehensive evaluation of each vendor submission. With VETTED.work, organizations can be confident that they are working with the best vendors and that their risk is being managed effectively.
Site Visits
VETTED.work conducts a site visit (virtual or in-person) once the vendor pre-qualification questionnaire (PQQ) is approved. This allows VETTED.work to verify the information provided in the PQQ and ensure that the vendor is qualified to perform the work. The site visit is an important step in the vendor management process, reducing the risk of working with unqualified vendors and protecting the organization's reputation.
Insurance Coverage
VETTED.work reviews each insurance certificate to make sure it meets the minimum requirements set by the Asset Manager. We verify that the insurance policy is current and in force, and check that the policy covers the types of risks that are relevant to the work being performed by the contractor. Our goal is to confirm that the insurance policy meets any specific limits or requirements set by the Asset Manager, such as coverage limits, deductibles, or exclusions, to ensure full compliance with their requirements. Ongoing compliance checks and renewal notifications ensure coverage is always in place.
Master Service Agreement (MSA)
VETTED.work streamlines the management of the Master Service Agreement process, including redlining and execution, ensuring all parties are fully aware of their obligations and responsibilities. Our software also keeps logs of each revision and any amendments, providing a clear record of the agreement for all parties involved. This helps to ensure that all parties are in compliance with the Asset Manager's requirements and that there are no misunderstandings or disputes.
Onboarding and Compliance Monitoring
VETTED.work ensures that vendors are fully onboarded and compliant before they begin working with an organization. Ongoing compliance monitoring, including quarterly, semi-annual, and annual data point updates, ensures that vendors remain compliant with asset manager and regulatory specifications. This helps organizations reduce the risk of business disruptions and protect their reputation. By fully managing vendor onboarding and compliance, VETTED.work helps organizations ensure that they work only with qualified and compliant vendors.
Enhanced Due Diligence with VETTED.work
VETTED.work understands the importance of ensuring the integrity and reputation of your business. That's why we have integrated Enhanced Due Diligence into our Vendor Pre-Qualification process, which includes AML/KYC/PEP scans of potential vendors. This ensures that your business is protected from any potential financial, legal or reputational risks. Our AML/KYC/PEP scans provide a thorough review of a vendor's background and financial history to identify any red flags or potential issues. This comprehensive approach to vendor management helps you make informed decisions and safeguard your business. With VETTED.work, you can have peace of mind knowing that your vendors are fully vetted and qualified to work with your company.
Approving Vendors Based on Region and Skill
At VETTED.work, we understand that the success of a project is heavily dependent on the quality of the vendors selected to perform the work. Our software streamlines the process of pre-sorting and pre-qualifying vendors based on their size, skillset, safety and financial metrics. Our proprietary algorithm then evaluates the vendor submissions and rates them based on risk factors. This allows you to make informed decisions about which vendors to approve based on their specific region and the skills they offer, ensuring the highest quality work for your projects.
Industry Standard Comparison with VETTED.work
VETTED.work provides a comprehensive solution for vendor management, and that includes utilizing industry standard comparisons to help you make informed decisions. Our solution uses SIC and NAICS codes to compare your potential vendors' statistics to the industry average for those codes. This allows you to see how your vendors compare to the norm and make decisions based on that information. By using industry standard comparisons, VETTED.work helps you make the best decisions for your business and minimize risk.
Monitor Vendor Health with Leading Indicators
VETTED.work provides a comprehensive view of the health of your vendor pool through our real-time reporting system. By utilizing leading indicators, we help you proactively identify any potential issues with your vendors before they become bigger problems. This includes monitoring vendor compliance, project performance, and HSE health and performance. With this information at your fingertips, you can make informed decisions to maintain the health of your vendor pool and ensure the highest level of safety and compliance.