Entering into a business partnership is never just a formality, it is a big decision that can either help a company grow or cause major problems. While the right partnership can help a company unlock growth and strategic advantages, the wrong alliance can expose your organization to serious financial losses, reputational damage, and legal risks. The Association of Certified Fraud Examiners (ACFE) surveys released between February 2023 and March 2024 reveal that onboarding new businesses as a client or vendor can be challenging for many organizations. According to ACFE’s report, only 10% of organizations see new vendor onboarding as not challenging at all, while more than 60% find onboarding new vendors to be extremely challenging. Similarly, 52% of respondents report that onboarding a new business client is extremely or moderately challenging, while 14% do not find new client onboarding to be a challenge for their organizations.
Understanding the importance of…
