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3 Stages of the Vendor Risk Lifecycle
When your organization decides to outsource a product or service to a vendor, you might be tempted to think that the most important step is signing the contract. The truth is that negotiating and signing the vendor contract is just one of many important activities you need to perform to properly manage vendor risk. But what exactly are these vendor risk management activities and in which order should they be performed? The vendor risk management lifecycle, or third-party risk management lifecycle, is an easy-to-follow system that organizes these various activities into three distinct phases: onboarding, ongoing, and offboarding.