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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 only important step is signing the contract. The truth is that contract management is only one step in the overall vendor risk lifecycle. There are three distinct stages in the vendor risk lifecycle - onboarding, ongoing and offboarding, and each stage has interdependent activities. It might seem overwhelming but learning more about the vendor risk lifecycle is an excellent start.