Seamless Onboarding of Third Parties: What Is It and How Do You Build It?

Corporate compliance programs have long played a crucial role in the due diligence and onboarding of third parties. Today, however, effective onboarding and monitoring of third parties has become even more critical.

Onboarding and monitoring are no longer a solitary exercise the compliance function performs for the enterprise. They are capabilities crucial to the success of the enterprise. Third parties now pose a wider range of risks, and those risks hover around your enterprise day after day. A single onboarding check at the start of a business relationship no longer suffices. Companies need an efficient process that blends onboarding and monitoring into one large system of governing third-party risk.

Well, where did that need come from? And what does that origin story mean for compliance functions now, as you work to build a stronger, more efficient onboarding process for your enterprise?