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More and more, companies (including those in the automotive industry) outsource some of their most important functions to third-party vendors. Oftentimes, the most critical vendors have access to your systems, your confidential data and your customers’ confidential information. So while using third-party vendors brings efficiency and expertise to your organization, it also brings risk. To mitigate the risk of using a third-party vendor, it's important to engage in vendor due diligence on an ongoing basis, both before and after you engage the vendor. It is equally important to streamline your existing operational processes to manage vendor due diligence. While there is no one-size-fits-all for vendor due diligence, below are best practices to aid in avoiding risks:

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Vendor due diligence is essential to leverage the expertise of third parties while mitigating your organization’s risk.&nbsp; Taking the time to really understand the vendors that you propose to work with will potentially avoid costly breaches later when the vendor is providing services. If you have any questions about establishing a vendor due diligence process, please contact Linda Paullin-Hebden or your Warner Automotive Industry Group attorney.

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8 Steps to Mitigating Your Risk with Third-Party Vendors

The Warner Norcross + Judd LLP lawyer responsible for the contents of our advertising and this website is managing partner <a href="/people/mark-j-wassink/" aria-label="Mark Wassink">Mark Wassink</a> who can be reached at <a href="mailto:mwassink@wnj.com" aria-label="email Mark Wassink">mwassink@wnj.com</a> or 616.752.2189. Please read our full <a href="/privacy-policy/" aria-label="see privacy policy">privacy policy</a> available on our website.

8 Steps to Mitigating Your Risk with Third-Party Vendors

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