Audit Oversight for Onboarding Vendors
It’s a reality of modern business that organizations need to outsource certain business activities to vendors. Without vendors, organizations would be left to fill gaps created by the need for specialized knowledge, the desire to increase revenue, or lower costs. This approach isn’t financially feasible or sustainable in the long-term. So, organizations (regardless of size and industry) trust vendors to meet these business needs. In a recent poll, Deloitte Development LLC noted that 71% of respondents stated a moderate to high level of reliance on vendors.
Businesses know that each new vendor adds an element of risk. Regulators also recognize vendor risk and have been a catalyst to drive businesses toward a standardized process for vetting new partners. Standardization includes a solid onboarding process that is part of a mature effort to establish, refine, and improve vendor oversight controls. But having the process isn’t enough. Businesses must rely on audit to confirm they’re engaging with the right vendors in the right ways. This whitepaper provides actionable takeaways for auditors to provide oversight over vendor risk management and vendor onboarding.
Download