If you’re like most businesses, you have a host of third-parties that you depend on to support your core business functions. Third parties may include suppliers, distributors, resellers, local agents, joint venture partners, and so on. Many of these third parties have access to your internal network, some are directly associated with your clients, while some are highly crucial for your production process.
All these factors put third parties in a position from where they can directly affect your business as well as reputation. Hence, it is required to perform due diligence prior to hiring a third party. This infographic outlines four steps for an effective third party due-diligence process.