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EXCLUSIVE INFOGRAPHIC

Managing Vendor Questionnaires

At a recent IAPP conference, Schellman privacy practice leader, Avani Desai, spoke about the simple steps a third-party vendor can take to manage the influx of vendor questionnaires from their customers.

Previously available only to IAPP attendees, this presentation is now available in a visual format exclusively for you.

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5 STEPS for

MANAGING VENDOR QUESTIONS

Service providers are inundated with vendor questionnaires on a daily basis. With time and resource constraints, many organizations are having trouble meeting these exponentially growing demands.

Here, we examine the reason of significant growth of questionnaires and how you can manage the flow and completion in an efficient manner.

Why the rise in vendor questionnaires?

More and more companies seek to increase agility and reduce costs by outsourcing business processes.

Business-process outsourcing (BPO) is continuing to grow. Globally, the BPO market is expected to increase to $232 billion, and domestically it’s expected to reach $105 billion by 2019.

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$232 Billion

Globally by 2019
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$105 Billion

Domestically by 2019
(Source: https://www.idc.com/getdoc.jsp?containerId=255752)
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4 factors influencing
the increase in vendor questionnaires

With third-party vendors having access to, storing, or processing sensitive data, companies demand to know their vendors are properly safeguarding this valuable information.

These key factors are playing a role in the increase in questionnaires:
1
Multiple Vendor Chains
2
Regulatory Demands
3
Vendor Management Due Diligence
4
Breaches and Security Vulnerabilities
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5 hurdles affecting vendors:

1
Resource Constraints
2
Unique and Irrelevant Questions
3
Varying Formats
4
Turnaround Times
5
On-Site Visits
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Here are the 5 STEPS for

MANAGING VENDOR QUESTIONS