Document background
The Vendor Management Review document is designed to provide organizations operating under Irish jurisdiction with a structured approach to evaluating and monitoring their vendor relationships. This document becomes necessary when organizations need to establish or formalize their vendor oversight processes, particularly in light of increasing regulatory scrutiny and risk management requirements in Ireland. The review framework incorporates essential elements such as performance metrics, compliance requirements (including GDPR and sector-specific regulations), risk assessments, and corrective action procedures. It's particularly relevant for organizations dealing with critical vendors, handling sensitive data, or operating in regulated industries. The document ensures alignment with Irish legal requirements while following international best practices in vendor management and third-party risk assessment.
