Time Taken to Onboard a Third-Party
The average time it takes to do due dilligence and onboard a new third party from initial contact to full integration. A streamlined onboarding process ensures that third parties can quickly align with organizational processes and compliance requirements.
Total time taken for all third-party onboardings / Number of third parties onboarded
If 5 third parties took a total of 50 days to onboard, the average time would be 10 days.