Our procurement office began a vendor management program where we assess the financial stability and information security risks associated with all our vendors (these are not performance reviews). There are documents gathered and reviews done periodically which are typically needed only until superseded by the next one, though there is a recommendation by auditors that we track rating trends. We are in the financial services industry and the program is a result of Federal Reserve Bank requirements, but there are no regulatory mandates for specific retention. The VMO office thinks a superseded + x-number-of-years retention should be adequate -- 2 to 5 years, with the VMO office leaning towards the 2. But they are interested in what others are doing. 

Do any of you have similar programs and how do you manage the documentation?

Nolene Sherman
Corporate Records Manager
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