The Vendor Lifecycle Status helps you identify and keep track of where your vendors are in the Third Party Risk Management process. Define your own settings to easily and visually identify where your vendors are in the TPRM process.
- Go to the General tab.
- Scroll down to the Vendor Lifecycle Settings section.
Adding New Statuses to the Vendor Lifecycle Settings
- Enter a new status name in the Lifecycle Status Name box.
- Select a descriptive icon to help you visually identify that status.
- Indicate its status from the Completion Value dropdown menu.
- Select +Add to create the new status.
- You can re-order the created steps by drag and drop.
- Did you know? By default, existing statuses with a “Pending” Completion Value are set to grey color, and those with a “Completed” Completion Value are set to green. These colors can be modified as needed.
Editing an Existing Status
To edit an existing lifecycle status:
- Change the Lifecycle Status Name by replacing the text with the desired one.
- Select the box to the right of the field to open the color picker and modify the status color.
- Use the Icon dropdown to change the status icon.
- Use the Completion Value dropdown to modify the status.