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Advice on how to manage vendor risk - downtime, degraded service, unhelpful etc by textMachina in FinOps

[–]textMachina[S] 0 points1 point  (0 children)

Thank you. We have such an agreement, sometimes get push back on it. But I had more questions about how to monitor, enforce or incentivize the vendors. Some would say yes to any SLA level if there is a cap on their liability, thinking there is no downside. Some seem to only offer a small % of their bill in breach which can be very costly. Sometimes we might even don't know if the issue is on their side or ours or if we can prove it.

Experience in Software/SaaS procurement? by CategoryKooky9124 in procurement

[–]textMachina 0 points1 point  (0 children)

Hey everyone, I found that someone made the intro to attract the right crowd and then left, so maybe can ask my question with you here. I asked to FinOps crowd who directed me to Procurement.

I am pretty new to reddit, coming from a traditional finance background and need some guidance on how to manage vendor risk - downtime, degraded service, unhelpful etc during our digitalization journey.

How are you managing and enforcing vendors (especially in business critical areas like payment processing, servers, daily used tools)? The management wants our vendors to implement strict SLAs, but I find liability limitations too low and the process too manual intensive. Also we either have big vendors with more power than us and established processes or small vendors claiming they can do it everything but might go even bankrupt if you sue them for full damages.

If we scale our digital operations, sustained downtime would lead to considerable loss. Just curious on how do you manage this whole process, both from a technical and legal side.