Best Practice Guideline – Vendor-Level vs Contract-Level Documents
Although there are varying methods of filing documents within VendorInsight® practiced by clients, there are designated areas located on the Vendor records screen that are intended for certain documentation. “Should I file a document at the Vendor-Level or Contract-Level?” is a common question among VI users. While ultimately it is up to your organization to decide what works best, we would like to offer this guideline as a VI Best Practice.
Keep in mind, Vendor-Level documents apply to the vendor as a whole.
If a Vendor has more than one contract record in the system, and you have saved documents to the Vendor-Level section, you will see these documents on the screen regardless of which contract you choose. Basically, if you select a different contract for a Vendor, you will see the Contract-Level and Fourth-Party Level documents change, but the Vendor-Level documents will stay in place.
It is Best Practice to file Due Diligence documentation at the Vendor-Level. This can include, but is not limited to: SOC Reports, Bridge Letters, Financial Statements, BCP/DR Questionnaires and Plans, Information Security Questionnaires, COIs, and any due diligence reviews.
Keep in mind, Contract-Level documents apply to the specific Contract Record.
The Contract-Level section would apply to the documentation for specific product(s) or service(s) referenced for the Contract Record. For example, you may have a perpetual Master Services Agreement as one Contract Record in the system, but you may have a second Contract Record to track or monitor a specific 12-month term for maintenance services for a specific product for the same Vendor. You may want to file emails discussing the maintenance, and/or the specific Exhibit spelling out the maintenance term at the Contract-Level on the second Contract Record in the example. This allows you to focus on only relevant contract documentation when viewing the second Contract Record.
The uploaded Contract is automatically filed at the Contract-Level.
It is Best Practice to also file Amendments, Addendums, Exhibits, Proposals, Emails, etc. at the Contract-Level.
Keep in mind, you can reach out to your VI Program Administrator!
If you are still unsure about which level would be best to file a document, remember you can always reach out to your VI Program Administrator for help.