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It supports proactive vendor management through documented onboarding and update procedures, emphasizing disciplined roles and responsibilities, segregation of duties, and stronger approval workflows. The guide provides a structured template to collect, verify, and vet vendor data, strengthen audit trails, and improve process consistency while aligning teams across risk management, procurement, accounts payable, and treasury.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/write-it-down-a-guide-to-managing-vendor-information/240511/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/write-it-down-a-guide-to-managing-vendor-information/240511.png","ImageObject",442,249,{"name":88,"@type":89},"Pentious","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-18","2026-09-11",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",9,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"Why does vendor onboarding and vendor change management matter for fraud risk?","Question",{"text":109,"@type":110},"Many fraud losses originate from vendor additions and changes. 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These risks can put your organization in a vulnerable position that can result insignificant financial losses and reputational damage. Unfortunately, the risk of loss associated with vendors, whether caused by dishonest employees or by imposters that fraudulently redirect payments, is real and continues to grow.  \nThat’s why we have asked PaymentWorks, a digital supplier onboarding platform, and our loss control partner to prepare this guide. They have developed a guide to documenting procedures for supplier onboarding and change management that incorporates best practices for collecting and vetting vendor data, defining roles and responsibilities, developing approval workflows, and tracking vendor data. With PaymentWorks’ expertise and support, you can customize this template to meet your organization’s unique needs and improve your vendor management processes.  \nAt Chubb, we understand the importance of proactive and strategic vendor management. Our loss control services are designed to help organizations like yours mitigate risks, manage compliance, and maximize the value of your vendor relationships.  \nWe believe that this guide provides a starting point for your organization to evaluate and document your vendor relationships. However, we encourage you to consult with experts and seek appropriate professional advice when designing, implementing, or reviewing loss prevention strategies.  \nWrite It Down: A Guide to Managing Vendor Information 1  \nVendor Onboarding and Data Management in the Age ofFraud  \nFraudsters Love Your Manual Vendor Management Processes  \nWith spoofing, vendor email compromise, executive identity impersonation, and whatever fraudsters think of next, it may feel as if you are fighting a defensive war on too many fronts.  \nAnd it’s true. You cannot let your guard down even for a moment. Fraudsters are patient and will eventually exploit any weakness in your process they can find.  \nWith this as a backdrop, it might seem you will never get a good night’s sleep again.  \nBut you can!  \nHow? Because the root of many of these losses is easy to identify: vendor additions and changes.  \nHaving effective and documented practices for onboarding and managing vendors is vital for any business as they function as key controls. Written procedures decrease potential risksand safeguard the company’s overall operations.  \nIf your vendor onboarding or updating process involves any manual collection, verification, or inputs, fighting fraud is extremely difficult.  \nWe understand that the manual aspect of vendor management is exactly what makes it so risky. In our experience, most organizations-even today-rely upon institutional knowledge handed from one person to another to get this important business function done. Very few organizations have documented their vendor onboarding  \nand change management procedures, as the process is generally treated as clerical, and not critical to business operations.  \nThese practices are woefully out of date for today’s fraud landscape. And if they are documented, they are either rooted in assumptions that are no longer valid, or are not actually followed in practice.  \nThis template is a starting point. Use it to gather the right people in the r","cbCailj2g0ycH9CF","https://ap.wps.com/l/cbCailj2g0ycH9CF","pdf",5907486,"English","# Welcome\n# Vendor Onboarding and Data Management in the Age of Fraud\n## Project Outline\n# Part One: New Vendor Onboarding Documentation\n## Roles and responsibilities\n## Steps to include\n## Best Practices\n# Part Two: Existing Vendor Change Management Documentation\n# Part Three: Audit Process Documentation\n# Your Process Template\n# Closing Message From Us","[{\"question\":\"Why does vendor onboarding and vendor change management matter for fraud risk?\",\"answer\":\"Many fraud losses originate from vendor additions and changes. When onboarding or updates rely on manual collection and weak verification, fraud becomes easier to execute and harder to detect.\"},{\"question\":\"What organizational roles should be defined in the vendor onboarding documentation?\",\"answer\":\"The guide recommends defining roles and responsibilities for collecting, verifying, and entering vendor data. It also stresses segregating duties to reduce insider-assisted vendor fraud opportunities.\"},{\"question\":\"What are the goals of the project outlined in the guide?\",\"answer\":\"The goals are to reduce financial loss risk from fraud related to vendor and vendor change management, and to establish an audit trail that supports insurance or response after a fraud incident.\"}]","Write It Down - A Guide to Managing Vendor Information | PDF",1789162323,6]