7 Steps to ReDesign Your Vendor Process to Avoid Fraud, Fines and Bad Vendor Data

Are you still accepting vendor supporting documentation for new vendor setup and existing vendor changes via email?  If the answer is yes, discover 7 steps to review your current vendor setup and maintenance process from end-to-end to identify and plug up gaps that can result in fraud, fines, and bad vendor data.  Get examples of common gaps, a process map, a vendor banking form, and a confirmation call script to enhance and strengthen your current process.  Includes 4 resources to help you implement your new enhanced process. 

After this session participants will be able to:

1. Implement 7 steps to find and plug up gaps in your vendor setup and maintenance process. 
2. Use the Desktop Procedure - Template to document your enhanced process for the vendor team to follow
3. Use the IRS W-8 Expiration Tracker - Template to track vendors with expiring W-8's to avoid IRS compliance fines
4. Use the Vendor Validation Reference List-Template to validate vendor data for new vendor setups and existing vendor changes
5. Exclusive for IOFM Members - Use the AVM 3 Step Vendor Setup and Maintenance Process eGuide (2024) to review 5 Authentication Techniques, 29 Internal Controls, 17 Best Practices and 16 Vendor Validation and determine which, if any, can be added to your current vendor process.

Debra Richardson
AP Speaker, Consultant, & Trainer at Debra Richardson, LLC 

Debra is an Accounts Payable speaker, consultant, and trainer with over 20 years of experience in AP, AR, general ledger, and financial reporting for Fortune 500 companies including Verizon, General Motors, and Aramark. In her consultancy, she works with vendor onboarding teams to add authentication techniques, internal controls, best practices and vendor validations to prevent fraud, fines and bad vendor data. A Certified Fraud Examiner (CFE), she is the President of the Central Atlantic Region IOFM Chapter and IOFM’s Ask The Expert for the Vendor Master File category. She hosts a weekly podcast “Putting the AP in hAPpy” and has a YouTube channel where she posts weekly tips on the vendor setup and maintenance process. 

Grace Chlosta
Content Manager, IOFM

Grace Chlosta joined the Institute of Finance & Management (IOFM) in 2022 in a new role for the team as the Content Manager. She is responsible for the planning, organization, development, and implementation of all the content for IOFM’s digital products and (virtual and in-person) events. Grace is committed to ensuring that IOFM’s content stays timely, relevant, and actionable for all financial operations professionals, and works closely with a team of content developers, industry leaders, and subject matter experts to guarantee this happens.