The complete lifecycle of a third-party vendor
Organizations of all sizes and industries have to look for external help to fulfill business functions that they can’t perform in-house. For example, hospitals need to outsource technology vendors to operate x-ray machinery and casinos hire remote technicians to troubleshoot gaming systems.
When an organization hires a third party to perform a certain job, it enters into the third-party lifecycle: The process all companies take to assess, onboard, connect, monitor, and manage a third-party vendor.
Let’s take a closer look at the six stages of the third-party lifecycle and the different steps an organization will take when engaging a third-party vendor.