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Vendor Master File
Maintaining a vendor master file can be a complicated process for many teams. IOFM offer content to help you learn best practices to standardize vendor team activities to avoid payment fraud, compliance fines, and bad vendor data.
Q. One of our vendors sent a letter stating that their company merged into another entity. We also… Read More
Q. In your experience, what is the standard timing to OFAC screen a vendor once they have been set… Read More
Q. Email encryption may not always be the answer for sending and receiving vendor forms, because… Read More
Q. What is the best practice for changes to vendor accounts due to bank mergers and acquisitions?… Read More
Q. I’m working on preparing some internal training for staff around fraud awareness, business… Read More
Q. Our AP team has implemented an inactivate a supplier/vendor with no activity after 13+ months… Read More
The recent attacks on Ukraine have resulted in many countries, the U.S. included, imposing economic sanctions on Russia. While this is an ongoing situation and it’s not yet clear how effective… Read More
Q. Does this site track a benchmark or KPI for vendor maintenance accuracy percentage? If so,… Read More
Q. What would the best practice to implement when a vendor has new banking… Read More
A benchmarking survey by IOFM indicates that overall, more than half of the vendors in respondents’ vendor master files are inactive.
While organizations with better vendor master file hygiene… Read More
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