Vendor Onboarding and Due Diligence Policy
Standardise checks before working with new suppliers.
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Draft a vendor onboarding policy. Organisation: [ORGANISATION]. Types of vendors: [VENDOR_TYPES]. Data or systems they access: [ACCESS]. Spend thresholds: [THRESHOLDS]. Create tiers by risk and spend, and define checks for each: identity and ownership, financial stability, insurance, security and privacy, references, conflicts of interest and contract terms. Provide a questionnaire of fifteen questions, an approval path, record-keeping and periodic review. Return the policy text, the tier table and the checklist. Legal and compliance requirements must be confirmed [VERIFY] for [JURISDICTION]. Do not invent thresholds; use my figures or placeholders. Add a worked example for a mid-risk vendor: a payroll software supplier needing the security questionnaire, a financial check, a data processing agreement, insurance evidence, and approval by finance and IT, with a timeline of two weeks. Provide a short exit plan checklist for when the relationship ends: data return and deletion, access removal and final invoice. Include a template for annual vendor reviews with ratings for performance, incidents and cost.
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