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Blog

5 Steps to Ensuring Vendor Compliance

August 20, 2024

For many businesses, relying on external vendors is essential, and ensuring these third-party partners adhere to your company’s standards and regulations is crucial. Here’s a five-step guide to ensuring vendor compliance: 1. Conduct Thorough Vendor Assessments Before entering a partnership, meticulously evaluate potential vendors. Your evaluation should include: Take the time to be thorough with […]

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When In Doubt, Go Full Out!

January 18, 2022

Learn more about ICG’s software analysis process As a software business analyst, it’s a fun job to work along side software developers and test the client applications they develop.  It’s intriguing to help and watch a solution being developed that will eventually be used by a myriad of users in many different locations, performing many […]

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Vendor Diversity Tracking & Compliance

What to do when you have diverse vendors More and more companies are tracking their companies “diverse” vendor population and reporting on purchase percentages and total spend dollars with these diverse vendors. Many companies have redoubled their efforts, or started new initiatives, to insure their organizations have diversity within their vendor and supplier populations. In […]

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Where Procurement Meets Finance

How to procurement and finance complement each other? For many organizations obtaining and sharing critical supplier information between different functional areas can be a frustrating task.  Siloed organizational structures, disparate systems that don’t communicate with each other and differing business objective are factors that contribute to this situation.  In fact, other key areas that have […]

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Word of the Week: Compliance

Financial Back-Office Compliance Financial back-office compliance is the confirmation that a provider of a service or a manufacturer or supplier of goods adheres to all the requirements, regulations, legislation, and specific standards of a contract. Ongoing maintenance and tracking of expiring certificates, licenses, permits and contracts is necessary to ensure compliance. Manual tracking of such […]

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Word of the Week: Vendor Management

September 16, 2019

What is Vendor Management? Vendor Management (sometimes called Supplier Management) is the process by which a buyer formalizes a relationship with their vendors and suppliers and manages that relationship through its lifecycle. How Does Vendor Management Work? The first step in a Vendor Management is typically procurement, where a buyer sources and negotiates a contract […]

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Word of the Week: TIN Check

September 5, 2019

What is a TIN Check? When onboarding a new vendor, a TIN Check is an important component of ensuring compliance. It verifies that either a Social Security Number (SSN) or an Employer Identification Number (EIN) is valid and matches a person’s or company’s name in the IRS Database. A mismatch occurs when the IRS cannot […]

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