Glossary definition: Vendor Management Policy (Vmp)

Creating a Vendor Management Policy (VMP): A Guide

A Vendor Management Policy (VMP) is a set of guidelines and procedures for managing relationships with vendors that provide goods and services to an organization. It defines the roles and responsibilities of both the organization and the vendors, and outlines the process for selecting, evaluating, and managing vendor relationships. It also outlines the expectations for communication, performance, and delivery of services, as well as the processes for resolving disputes and managing changes in the relationship. A VMP is designed to ensure that all vendor relationships are conducted in a fair and transparent manner, with the organization's best interests in mind. It also helps to ensure that the organization is able to make informed decisions about which vendors to use and how to manage them.