Business Partner
An external individual or organization that collaborates with a company in delivering services or operations.
A business partner is an external party that works with an organization in a meaningful, ongoing way. This can include joint ventures, strategic alliances, or other relationships that go beyond a simple vendor arrangement.
From a risk and compliance perspective, business partners may have access to systems, data, or processes that matter for your controls. They may need to sign agreements, meet certain standards, or participate in due diligence.
It’s common to manage and review business partners alongside vendors in third-party risk programs.
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