The VOP does this either by sourcing labor directly from themselves or from other suppliers with whom they may be competing. They are concerned with filling the labor needs and requirements of the client. Ī VOP, or Vendor On Premises, is a vendor that sets up shop on the client's premises. Specifically a vendor can be an independent consultant, a consulting company, or staffing company (who can also be called a supplier – because they supply the labor or expertise rather than selling it directly). There are several other terms associated with VMS which are all relevant to the contingent workforce, or staffing industry.Ī vendor is a person or organization that vends or sells contingent labor. VMS is a type of contingent workforce management. The contingent workforce is a provisional group of workers who work for an organization on a non-permanent basis, also known as freelancers, independent professionals, temporary contract workers, independent contractors or consultants. A number of institutions have re-classified or renamed their programs to Third Party Risk Management (TPRM) to align with the verbiage used by the regulatory agencies. In the financial industry due to recent regulations (see FRB SR13-29 and CFPB 2012-03 ), vendor management implies consistent risk classification and due diligence to manage third-party risk. Typical features of a VMS application include order distribution, consolidated billing and significant enhancements in reporting capability that outperforms manual systems and processes. JSTOR ( November 2008) ( Learn how and when to remove this template message)Ī vendor management system ( VMS) is an Internet-enabled, often Web-based application that acts as a mechanism for business to manage and procure staffing services – temporary, and, in some cases, permanent placement services – as well as outside contract or contingent labor.

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