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welcome to todays third party Thursday my name is Ashley Roberts and Im a relationship manager and paralegal here at VIN minor today were going to cover ten best practices with your vendor management contract one of the most challenging aspects of third-party risk management is contract management it can either be a real strength or an enormous vulnerability lets stay positive and focus on the best practices in vendor contract management one have a centralized process from the start trying to rein in in a decentralized process is nearly impossible hire an experienced contract manager three established clear roles and responsibilities on who will craft contracts for have a qualified contract attorney or paralegal review contracts five dictate routine language that should be included six dont accept readily a vendors boilerplate standard contract youll always be on the short side of the seesaw seven ensure that anyone who is involved with contract management understands the terms e