In situations where the performance of a vendor has fallen to levels that are not acceptable, vendor recovery may be an appropriate option to pursue. SBA’s process for vendor recovery includes the following steps:
- Review the vendor’s contract for scope of services, service level agreement parameters, pricing and other details
- Meet with client’s subject matter experts to gather facts and brainstorm about the vendor issues
- Analyze feedback from the meeting and develop a detailed description of each issue
- Meet with vendor resources to present the issues and gather their perspective
- Develop an extensive report regarding processing failures and root causes
- Draft a recovery plan for both the client and vendor, including a timetable for recovery, specific steps which should be taken in the process and who is responsible for the steps in the plan
- Actively address each issue in the recovery plan and monitor progress
- Modify or create an on-going process to ensure service level agreements are met as well as ways to address new issues as they arise
- Establish periodic meeting between the client and vendor to ensure process is being followed and to facilitate changes to the on-going plan
This service is available for the following benefit plan types:
| Defined Contribution |
Defined Benefit |
Health & Welfare |
Non-Qualified |
|---|---|---|---|