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Before you decide to work with a third party, you need to conduct a vendor risk assessment. Will they meet your needs? Do their practices fit with your company's policies and procedures? Do they comply with relevant laws and regulations?

There are many different types of risk and potential risk scenarios when working with a third party. However, knowing the risk a vendor poses before you sign a contract with them can save you money, time and your reputation if something goes wrong.

This checklist lists nine key steps to evaluating third parties you want to work with. Complete each one to protect your company and prevent risk, rather than having to react to a disaster later.