What is Best-in-Class Contractor Management?

Sponsor:
ISN
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Global trends indicate a continued growth of outsourcing non-core business activities to third-party contractors. Outsourcing inevitably comes with risk exposure, generating the need for organizations to maintain sustainable contractor management practices. Drawing from lessons learned across multiple industries, this white paper discusses 10 strategic elements found in best-in-class contractor management systems. Whether you are an Owner/Operator who uses contractors or a General Contractor who hires subcontractors, you will find the following reference points for benchmarking contractor management practices and identifying opportunities to reduce risk:


1. Establish a clear communication strategy
2. Measure performance
3. Incorporate a risk-ranking process
4. Follow a three step due-diligence process
5. Maintain an approved contractor list
6. Establish consequences and exit strategy
7. Address subcontractor management
8. Follow standardized guidelines
9. Integrate with internal business processes
10. Leverage technology

 

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What is Best-in-Class Contractor Management?

ISN provides an online contractor management database, ISNetworld, which is designed to meet internal and governmental record keeping and compliance requirements. ISN collects health and safety, procurement, quality and regulatory information for more than 43,000 contractors and 260 Owner Clients. Through its Review and Verification Services (RAVS), ISN's subject matter experts review and verify contractors' self-reported information, incorporating a level of due diligence to the process. Contractors also use the system to manage internal training and record keeping requirements. For more information, visit www.isn.com.

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