Supplier / Vendor Onboarding Checklist to Manage Risks
Vendor onboarding is the starting point for building long-term and successful business relationships. Traditionally, companies have used vendor onboarding to evaluate costs and assess a vendor’s capabilities. But this model leaves out one important component: risk.
Why should risk be part of your vendor onboarding process?
Evolving regulatory requirements, public opinion and the ever-increasing reach of social media have made any third-party risk a company’s risk as well. By addressing risk up-front during vendor onboarding, companies can ensure compliance and keep their company safe.
To help jumpstart the inclusion of risk in your vendor onboarding process, we’ve put together a vendor onboarding checklist to guide you. The checklist includes top questions to consider as part of your process.
Since every company and industry is different, however, be sure to tailor the checklist to meet the specific needs of your organization.