As organizations gather information about potential vendors and suppliers, the vetting, validation and onboarding process is crucial. Organizations must evaluate the third parties’ capabilities as well as their risk levels before they take them on. The new vendor onboarding process builds the foundation of lasting business relationships with third parties.
The vendor onboarding and supplier onboarding process can be a lengthy process made up of complex tasks that span across the enterprise, requiring input, review, and approvals from multiple departments. However, following a new vendor onboarding process template enables you to seamlessly meet both business needs and security and compliance requirements.