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.
Hilary leads the advancement and promotion of third-party risk management best practices and solutions through thought leadership, subject matter expertise and support for Venminder’s clients, Marketing, Sales and Third-Party Risk divisions. Hilary has served as a senior leader for over 20 years, working in operations management and risk management roles, with an emphasis on third-party risk. Hilary is a Certified Third-Party Risk Professional (CTPRP) through Shared Assessments.
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