Vendor Due Diligence
Vendor Due Diligence & Ongoing Monitoring
Objective Pre-Contract Process and Post-Contract Cadence with
Vendor Due Diligence Software
Unfortunately, facts rarely speak for themselves during the vendor due diligence process. By itself, a set of accurate data and truthfully answered questions—sourced from requestors, independent reviewers, or your internal due diligence team—remains open to interpretation. Subjectivity can insert itself into what should be a standardized process, creating inconsistencies that undermine the integrity of vendor due diligence.
Questions Lead to Precise Data Points
OSP and its partner system helps you create questions that produce specific data points the can be meaningfully evaluated. For example, instead of asking for a credit score, it produces inquiries that determine whether the vendor’s credit score falls within an acceptable range.
Risk Evaluation Based on Company Policy
The criteria for evaluation—pass, fail, or request clarification—is based on parameters consistent with company policy. Following the previous example, a submitted credit score would be automatically examined and assessed objectively against the company’s formal policy demands.
Vendor Due Diligence Software with Targeted Vendor Intelligence
Reduce your burden: OSP platform seamlessly integrates targeted vendor intelligence into third-party risk management processes to accelerate vendor due diligence reviews and perform continuous vendor monitoring.
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