3 min read
Third-party vendors (suppliers, partners, customers, etc.) are crucial to a company’s growth and success. Yet, o nboarding these vendors is among the most time-consuming, opaque, and manual processes within an enterprise. Companies face a wide spectrum of risks across several domains (legal, privacy, procurement, compliance, etc.) and need to coordinate with multiple stakeholder groups to ensure that they’re sufficiently mitigating each one. Growing data security concerns, privacy regulations, evolving sanctions , and a heightened emphasis on ESG only add further complexity and burden to the overall process. As a result of these bottlenecks, onboarding new vendors can take mid to large enterprises over 90 days .
by AV Communications Team