Eliminate potential exposure by ensuring that the vendor offboarding process is handled appropriately, including return of property and system access, assurance of data destruction, and notification to finance to cease payments.
Offboarding a third-party vendor is just as important a process as onboarding them in the first place. Failure to offboard vendors correctly can expose you to compliance breaches, data breaches, loss of equipment, and ongoing disputes.
Aravo’s software manages offboarding workflows, ensuring nothing is missed, risk is minimized, and compliance is achieved.
Send termination notification requirements to the correct people for review and activation with full documentation and audit trail.
Capture attestations that document that the vendor is in compliance with data privacy and destruction requirements.
Ensure that any vendor and their employees with access to IT systems, physical buildings, or other resources are disabled.
Ensure payments status is finalized and payments are ceased in accordance with the contract.
Fully document reasons for discontinuance and conduct end-of-contract evaluations: did the vendor perform to standard, generate value for the business, deliver on the strategic reasons for onboarding them?
Ensure vendors comply with exit conditions.
Ensure payments are ceased after the contract has terminated.
Automated processes reduce operational burden and save time and resources.
Capture, visualize, and report on a full audit trail of every action.
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