Our company works with many vendors across different regions, and ensuring compliance with contracts and regulations is a big challenge. What are some best practices for vendor risk management? Are there tools that can help track and manage compliance more effectively?

Vendor risk management is critical for avoiding financial and operational disruptions. Best practices include conducting regular audits, maintaining updated compliance records, and automating risk assessments. Using a vendor management system like here can help businesses track vendor compliance, manage certifications, and automate alerts for contract renewals or potential risks. A well-structured system ensures that vendors adhere to company policies and regulatory standards, reducing the likelihood of compliance issues. Investing in such tools simplifies risk management and improves vendor relationships in the long run.