The Strategic Importance of Your Supplier File- Vendor Master File Management Best Practices

A firm grasp of vendor master file management best practices is not only essential but a key pillar of your organization’s risk management, payables strategy and compliance adherence.

Even so, as it has historically been clerical in nature, vendor onboarding and management processes and procedures often fall below the line of sight within organizations, leading to a lack of attention and investment.

What’s worse, many institutions and agencies are facing an onslaught of coordinated social engineering and cyberattacks from bad actors. The result? Invoice spoofing and widespread payments fraud scams for those that are still relying on manual process and who have not implemented vendor master file management best practices.

To shine a much-need light on this undervalued and usually under-resourced work, we’ve partnered with J.P. Morgan and Carahsoft to create our second entire, day-long event dedicated to this important, strategic function.

What to Know About the Event

Vendor Master File Management Best Practices We’ll Cover

The Risk Inherent in Your Vendor Onboarding Process

Payments Trends and the Time Value of Money in 2023

In the Trenches: Realities of Automating the Supplier Onboarding Process

KEYNOTE: Forging an Elite Vendor Team: The Business Value of Your Vendor Onboarding and Maintenance Policy

More Vendor Master File Management Best Practices: Vendor Management Appreciation Day

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What to Know About the Event

This live event, hosted by PaymentWorks, J.P. Morgan and Carahsoft, will cover risk mitigation, cost avoidance and driving value for an entire organization via the supplier file.

When: 9:30 a.m. – 5:30 p.m. on Thursday, November 2, 2023

Where: Chase Tower, 10 South Dearborn St., 56th Floor, Chicago, IL 60603

Cost: Free to attend, meals included

Audience: Procurement, finance and risk professionals in higher education, K-12 and Government

*Attendees are eligible for up to 6.8 CPE credits, courtesy of Carahsoft.

Vendor Master File Management Best Practices We’ll Cover

With panels of subject matter experts and presentations by real-world practitioners, the event focuses on all aspects of the vendor master file management best practices and the impact on day-to-day business. Sessions include:

The Risk Inherent in Your Vendor Onboarding Process

Christopher Arehart of Chubb and Angela Sarno of PaymentWorks will discuss how vendor management introduces the risk of fraud, compliance and human mistakes into a business process. This presentation will cover how to use your business controls to build an insurable process run by an invested staff.

Get a sneak peek of what to expect by viewing this clip from last year’s event.

Payments Trends and the Time Value of Money in 2023

Finance and procurement teams are feeling the pressure of interest rates, cash flow, supply chain and staffing shortfalls in 2023, making it more important than ever to maximize the value of every dollar. This panel will discuss the macro and micro economic forces and make a case for your supplier file being the key to unlocking organizational value. Featuring:

Chris Ramsay, J.P. Morgan
Grace Mabie, PaymentWorks
Kevin Sisler, University of Kentucky
Ruth Harpool, CampusGuard

Check out this clip from our last event for a taste of what we’ll cover:

In the Trenches: Realities of Automating the Supplier Onboarding Process

Snow Rutkowske and Nina Pukonen of Huron will tap their experience as both consultants and real-world practitioners to explore how to realistically leverage leading practices and available solutions to streamline your supplier onboarding process (registration, verification, creation, and updates) while mitigating risks and enhancing compliance.

You can also hear what Snow had to say last time about getting higher-ups to stop breaking the process here:

KEYNOTE: Forging an Elite Vendor Team: The Business Value of Your Vendor Onboarding and Maintenance Policy

You don’t want to miss Debra Richardson, AP and Vendor Data Consultant at Debra Richardson, LLC, as she presents her argument that many organizations do not value vendor onboarding and management relative to its responsibilities – and the inherent value within. In fact, most organizations consider these roles and tactical, administrative functions and fail to see them as the strategic gateway to better business that it can be. Debra will also discuss how lax onboarding procedures and policies can damage an entire organization.

Check out her talk from our last event:

In addition to offering comprehensive sessions covering every aspect of supplier file management and vendor master file management best practices, the event will highlight the strategic significance of the person/s in the vendor management role.

To view the complete agenda and to save your seat, click here.

More Vendor Master File Management Best Practices: Vendor Management Appreciation Day

We’re so thrilled about vendor management that we’re taking it even further. In addition to the event above, we’re hosting our very own Vendor Management Appreciation Day (VMAD) on December 12th!

VMAD is a brand-new holiday geared toward unifying vendor management professionals and celebrating innovation in the field.
It’s also a way to shine the light on one of the important, strategic roles that transcends industries.

Additionally, when you join the party, you get access to all types of goodies to help you implement vendor master file management best practices.