Third-Party Risk Management

Vendor Onboarding
Best Practices

While all third-party vendors must be onboarded,
they do not all merit equal attention.

To contract a vendor is to initiate a relationship: when you don’t know who you’re really dealing with, you expose your enterprise to risks that can have enduring consequences. Too often, onboarding a new vendor includes disparate systems and databases, miscellaneous worksheets and inconsistent workflows. Company by company, the number and flow of these onboarding steps may vary, but one thing remains consistent: it’s always too many.

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ProcessUnity's latest eBook, Best Practices for Simplifying Vendor Onboarding, shares practical guidance on how you can:

Establish consistency and streamline workflows in your onboarding process
Replace inconsistent manual onboarding processes with standardized automation
Apply business logic rules and scoring intelligence to automatically determine the set of questions
Document requests appropriate to each vendor’s level of inherent risk
Establish an audit trail that examiners respect and that can easily be shared among appropriate parties – with substantiating documentation
Get started now and evolve your policies and systems to become more sophisticated as your due diligence scoping maturity level grows

Third-Party Risk Management

Vendor Onboarding Best Practices

While all third-party vendors must be onboarded, they do not all merit equal attention.

Vendor Onboarding
Best Practices

While all third-party vendors must be onboarded,
they do not all merit equal attention.