Businesses are embracing vendor relationships if not for the supply of goods, it is to simplify processes with the end goal to acquire profits and grow.
While vendors are proving to be a necessity to businesses, they can come with risks that could harm the viability of a business. The process of vendor due diligence is therefore essential; it entails examining the ‘health’ of an entity before on boarding it as part of your supply chain.
At Riskhouse International, our Vendor Due Diligence checklist focuses on the core areas below:
|General information and Compliance review
||ICT software review
|Financial standing review
||Value Proposition analysis
|Assets and equipment verification
||Leadership and workforce review
|Policies and Procedures review
|| Litigation history search
Different vendors would require different checklists, therefore, the above is not exhaustive. Outsourcing our vendor due diligence services will provide you with extensive expertise, resources, and a more in-depth analysis of your prospective vendor.