The Duty of Due Diligence: Examining your vendors could prevent disaster

Author(s): Frank Sewell

The world is becoming more complicated every year, and the potential risks associated with your organization are no exception. To understand the potential impacts that any new vendor relationship can have on your organization, you need to put in the effort and maintain due diligence throughout the lifecycle of those relationships. Understanding the risks a vendor may pose today is one step in the due diligence process. To ensure your organization's safety, you need to monitor the relationship with ongoing due diligence set at a proper cadence. Consider the resources required to ensure process compliance and validate the information gathered. Allow your vendor managers to aid in collecting and coordinating reviews to ensure that your checklist is complete and accurate.

Use Info-Tech’s Financial Due Diligence Tool to help compile, track, and evaluate information from an organization’s financial statements as part of your financial due diligence.

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