Vendor Due Diligence & Contract Review: Getting Your Regulatory & Compliance Requirements in Order for the New Year
Most people make their New Year’s resolutions on New Year’s or just after it. But when it comes to regulatory and compliance requirements, all companies should be looking to make their resolutions in the fall. Take a cue from retail. As we walk through a mall, it’s not even Thanksgiving but the holiday decorations are already out. Right now is the time to take a preemptive strike on your regulatory and compliance needs.
So many of our clients contact us in the fall and forget of their regulatory and compliance requirements that they contractually have with a particular vendor or customer. This is why fall is always a busy time for us at A-LIGN as we deliver on our clients’ needs, wants and expectations.
Don’t Fall Behind With Your Regulatory & Compliance Requirements
Companies need to get their houses in order for the new year by looking at their contractual obligations with vendors and clients, planning for how they’re going to remain compliant with both and be proactive about getting ready for any on-site audits they make of vendors and customer will make of them.
Companies should develop a plan of when they will receive the documentation demonstrating a vendor’s compliance and how they will monitor and perform oversight on that vendor. For customers, companies need to look through their contracts and see what obligations have been made to the customer by the sales team. The key questions they need to ask themselves are:
- How are we going to demonstrate and tie those obligations into our quarterly or monthly processes?
- How are we going to continuously monitor those obligations so we’re ready if a client wants to come on-site?
- How are we going to be prepared for an efficient audit once it’s time for one to be performed?
Going into 2015, companies need to speak with a provider like A-LIGN and see what regulatory and compliance objectives are needed to comply with those contractual requirements. They need to be prepared rather than determining what’s needed after everything is in place and/or a service has been sold. Don’t wait until after the New Year to start planning for your regulatory and compliance needs.
Make your New Year’s resolutions early and get your house in order by contacting us at 888-702-5446 or firstname.lastname@example.org now!
By Scott Price, Managing Partner of A-LIGN