Which of the following is NOT a step in the vendor management lifecycle?

In the context of vendor management, the lifecycle typically encompasses stages such as selecting a vendor, negotiating contracts, and continuously monitoring the vendor's performance. Each of these steps is critical for ensuring compliance, managing risks, and maintaining a good relationship with vendors.

Due diligence in vendor selection is crucial as it involves investigating and evaluating potential vendors to ensure they meet the necessary standards and capabilities. Contract negotiation is another significant step where the terms of the relationship are established, outlining responsibilities, performance expectations, and costs. Ongoing monitoring follows, where the vendor’s performance is regularly assessed to ensure they are meeting the contractual obligations and maintaining standards.

Assessment and payment processing, while important in the overall relationship with the vendor, are not typically categorized as part of the vendor management lifecycle. These activities are more operational and procedural in nature, occurring after the vendor has been selected and contracted, rather than steps involved in managing the vendor relationship itself. Therefore, assessment and payment processing do not constitute a step in the vendor management lifecycle.