Vendor Due Diligence
Establish Objectivity in the Pre-Contract Assessment Process
Unfortunately, facts rarely speak for themselves. 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 the due diligence process.
Automated Objectivity Ensures Integrity
Vendor Cloud enforces objectivity within your vendor due diligence process. Our business rules engine clarifies the review process in two ways:
- Questions lead to precise data points: Our 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.
Accelerate due diligence with integrated checkpoint services
Reduce your burden: Vendor Cloud can integrate with third-party checkpoint services to accelerate review.
For more information on Vendor Cloud or to schedule a live demonstration, please contact us.