Vendor Due – Diligence
Involving a third party vendor or supplier or client’s relationships to grow your business can also bring you the risk in terms of regulatory compliance’s, quality, security, operational and safety issues.
Failing to choose the right third party vendor will not only affect your business and but also your reputations.
Why a background check is required for Vendor due-diligence?
Selection of a prospective vendor with proper Vendor screening process is very necessary for the organizations to keep their information and data protected from unauthorized disclosures and also to identify the risks or compliance violation that they could bring to the organisation. In order to meet these objectives, we provide an accurate and perfect due diligence of vendors and third-party suppliers ensuring the opportunities, issues, risks are clearly captured and the correct steps are taken.
Why Verifitech has to do the Vendor due-diligence check for you?
We provide different types of vendor screening diligence solutions which include the supplier reputation review, compliance review and many more that are described below:
The reputational review aims to provide third party authentication services to those clients which are involve in the high-risk business. Our team of experienced professionals keeps a track of the public profile of the vendors to provide accurate information about the clients.
Verifitech provide the visits to their work sites to ensure that the vendors are authentic and meanwhile also provide a full guarantee to the clients.
The third party authentication service includes the risk analysis of the third party suppliers and vendors. It provides a three sixty degree holistic view of the client and their past addresses and information to the client.
We provide the relevant information to the client that will assure them that they have full detailed information about the vendor or supplier.
Meanwhile, they can also be assured with the past information about the supplier and they will be warned if the supplier has any previous bad records with any of the clients he served for in the past.
We also help the clients in selecting the vendor which most suited to their requirement and are most reliable for the clients. The vendor selection is one of the major challenges that most of the organisations are facing today in the modern business world.
There are a number of vendors in the market and their selection becomes a real problem for the organisations. They are not sure that the vendor they select is really worth for working with them and are they best in their respective domain.
We provide them a better way to select the vendors or suppliers by providing them the accurate information about the past of the vendor. We also rank the vendors according to different parameters that help the organisation to be better informed about the vendors.
We also have a huge database of public records, regulatory agencies about the vendors that help us to provide a detailed assessment to the clients. This detailed assessment can be used by the clients in making their vendor selection decision making.
It is an important part of our due diligence solution where a consolidated assessment report about the third party suppliers and vendors can be made available to clients.
A number of guidelines and Governmental regulations are in place which has to be followed by the organisations while selecting the vendors. There are advisories for vendors as well which they need to follow in their day to day operations.
With the help of the due diligence solution, we ensure that all these compliance are met and standards are followed. The standards and guidelines of Government, as well as other regulatory agencies, keep on updating on a regular basis.
We also ensure that the vendor or supplier follows the latest guidelines and rules laid by the government. Thus, we ensure that all the compliance are met and the client gets the accurate and most relevant vendor.