As most organizations are now working with more vendors, suppliers and distributors from new geographies, compliance cannot afford to restrict access to new suppliers. Gartner_Legal shares 2️⃣ tips to better streamline supplier onboarding: Compliance
, Senior Director of Research at Gartner. “Qualification processes emphasize exhaustive due diligence and post-onboarding monitoring is too slow at the outset and risky during the life of a contract.”So, what should you do instead? These two tips will help you spend compliance resources on what matters most for protecting the business.Lengthy, exhaustive questionnaires are difficult to examine and bury valuable insights.
Consider cutting down the number of questions in your survey to identify the high-risk vendors that truly deserve additional review. Zero in on a list of critical risks by leveraging cross-functional sources to inform your company’s risk analysis. Think: company hotline reports, internal audit database and enterprise risk management reports.
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