Third Party Due Dilligence

Challenge

Create a solution to onboard new vendors, ensuring relevant information is captured, routed, reviewed and approved by all necessary parties including legal.

Solution

  • Using a self-service online portal with standardized forms, employees wishing to onboard a new vendor can be guided through the onboarding process with a minimum of errors or delays.
  • The online forms can be easily configured to capture all the information needed to approve a vendor, including the capture of documents such as a W9..
  • Once a request to onboard a vendor has been submitted, it’s routed to the proper stakeholders for review.
  • Notifications and alerts can be sent to process participants and stakeholders at pre-designated points throughout the intake process. For instance, once legal has approved the vendor, a notification to add the vendor to the system can be automatically sent to Accounts Payable.
  • Users have complete visibility into the process and can login into the system anytime to see where the onboarding request is.
  • Tracking and auditing of the request and completion process is automated, allowing better governance and compliance.

Benefits

  • Due diligence and onboarding requests are submitted and processed with far greater speed and with minimized errors, delays and costs.
  • Centralized tracking and reporting allows managers to have an overview of all vendor onboarding requests in real time.
  • Self-service forms provide a quick and standardized request intake process, eliminating errors and waste.
  • Process acceleration improves stakeholder agility and responsiveness.
  • Real-time oversight permits performance analysis and improvement of the entire process.
  • Drives greater efficiency, accountability and a superior user experience for the stakeholders and business partners.