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Third Party Thursday

MARCH 4, 2021

Vendor Due Diligence: 4 Fast Facts to Know

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Due diligence is a critical step in the vendor lifecycle, and when done properly, can set your organization up for success. Find out how to get started with the process by listening to this week’s podcast that covers four fast facts you need to know.

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Podcast Transcript

Hi – my name is John with Venminder.John Daugherty CIRCLE

In this 90-second podcast, you’re going to learn some quick, helpful facts about vendor due diligence. 

At Venminder, we have a team of certified industry experts who specialize in ensuring vendor due diligence is performed adequately. 

Let's go through some quick vendor due diligence facts to know!

First, performing vendor due diligence helps you make informed business decisions. It’s about as close as you can get to having a crystal ball. By learning everything you need about a vendor, you can make better decisions about the partnership.

Second, it’s a continuous process. Due diligence isn’t a one-time thing — it must happen periodically throughout the vendor relationship as it helps safeguard your organization for the long-haul.

Third, vendor due diligence can create a strategic advantage. When used as a tool, rather than a dreaded task, it can create a strategic advantage when it comes to your approach to oversight.

Finally, my fourth quick fact to know is that it’s critical to the overall success of your vendor risk management program. This is along with risk assessments, ongoing monitoring, contracts, reporting and more.

So, there you have it. Due diligence can help you make more informed decisions, is a continuous process, can create a strategic advantage and is critical to your organization’s long-term success.

We hope you found this insightful! Catch you next time.

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