You’ve shopped for a new tech vendor or a third party collection agency. You’ve been through the onboarding process. You’ve set the expectations. Now, you need to ensure that your vendor audit / oversight program for your new vendor partner works as well as it could. Poorly planned and structured audits will not only prevent you from assessing your vendors' performance and finding any potential risk, but they could compromise your relationship with that vendor, too.

How can collections & recovery executives make sure their vendor partner audits are successful?

The frequency, type and specificity of an audit may vary, but there are key practices creditor executives in charge of vendor management can use in audits that can promote successful vendor relationships, help creditors spot serious issues quickly, and get the insight they need from this critical oversight tool.

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