The suppliers you work with are an extension of your company, especially if they place individuals on-site in the workplace. How well you know those vendors—and their employees—can have sizable implications for your company. Given how deeply embedded they can be in your company’s day-to day operation, you must know your vendors. With vendor verification, your company does not need to be vulnerable to poorly screened or unscreened third parties.

When onboarding a new vendor, you want to know as much as possible about its business, key individuals, financials, and track record. It would be best if you had peace of mind that the relationship will not expose your organization to compliance violations and other risks in dealing with new suppliers and existing suppliers.