Vetting and choosing vendors is one of the most important decisions you’ll make for your business, especially for third-party information security. Once you’ve narrowed your vendor options to those that can support the organization’s needs, it’s time to gather the information that will help you take a risk-based approach to vendor selection – this is the Third-Party Vendor Due Diligence Process. This information enables you to rank potential vendors’ risks to your organization, strengthening your organization and protecting you from insecure or irresponsible vendors.
Third-Party Vendor Due Diligence Checklist
As organizations grow, expand, and merge, it is essential to build sustainable third-party vendor networks by leveraging the power of sophisticated technology. Once the solution technology is implemented, third-party vendor due diligence becomes a regular part of doing business that everyone in the organization values and follows. It helps the organization establish relationships with the right vendors from the beginning, bringing down the overall cost of audits and compliance. In the end, knowing your vendor risks in advance helps the organization as a whole and is also in favor of consumers and society at large.
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