Checklist Approach to Effective Third-Party Vendor Oversight

Companies rely heavily on third-party vendors in their day-to-day operations, but these vendors can introduce great risks. To mitigate risk, companies should systematically and thoroughly oversee each relationship. Once a third-party contract is established, companies should assess the vendor relationship for ongoing risk and develop procedures to address issues and risks as they are identified. In this guide, we detailed risk-assessment considerations and steps to address and mitigate ongoing risk and compliance issues. See also “How to Maintain Effective and Secure Long-Term Vendor Relationships: Understanding the Risks (Part One of Two)” (Jun. 20, 2018); Part Two (Jun. 27, 2018).

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