Insufficient oversight or irresponsible conduct when onboarding a third party may expose companies to potential enforcement actions, penalties and reputational harm. Further complexity arises from the growing laws and guidelines enacted as to environmental, social and governance issues, in addition to the uncertainty and fast-changing conditions surrounding the coronavirus pandemic. A recent white paper (Report) issued by Refinitiv based on a survey covering a diverse range of companies (Respondents) is relevant to PE sponsors given that their portfolio companies – as well as the sponsor itself – must onboard various third-party service providers. The Report highlights necessary program features and the benefits of viewing third-party onboarding as a business development tool rather than simply a risk management process. The Report also details best practices reported by Respondents for onboarding service providers, while also suggesting pitfalls for companies to avoid along the way. This article summarizes key takeaways from the Report that are most relevant to PE sponsors. For coverage of a previous Refinitiv survey, see “Survey Reveals Concerns About and Shortcomings With AML Compliance” (Nov. 16, 2017).