How to Do Risk-Based Vendor Due Diligence
Vendor due diligence takes up a lot of time, especially if you're performing the same level of due diligence for every vendor. A more effective and less time-consuming approach is only doing the due diligence appropriate for the particular level of risk that vendor brings, such as treating a high-risk vendor differently than a low-risk vendor or a non-critical vendor differently than a critical vendor.
As part of this risk-based due diligence approach, your credit union should define the types, amounts and frequencies of due diligence for the various scenarios. This infographic and matrix explain the steps involved in risk-based vendor due diligence, examples and frequency guidelines to help you out.
Download the infographic and matrix to learn:
- Risk-based vendor due diligence basics and importance
- Seven steps of implementing risk-based vendor due diligence with examples
- Suggested frequency of due diligence reviews based on vendors' critical/non-critical status and risk level
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Venminder provides a dedicated platform to empower effective end-to-end lifecycle management and mitigation of third-party risks. Venminder creates long-term collaborative partnerships with their customers, providing implementation assistance, product and best practices training, ongoing support, access to expertise and more.