While having a list of tech suppliers is a good starting point, it's crucial to tailor your due diligence efforts based on each vendor's role in your operations and the potential impact of their services.
Key Focus Areas for Due Diligence
Security Alignment
Ensure the supplier's security practices meet your compliance standards and risk appetite. Look for relevant certifications, data hosting compliance, and robust security measures.
Criticality
Evaluate the importance of the supplier's services to your core business functions. Understand the potential impact of a service disruption on your operations and adjust the level of scrutiny accordingly.
Operational Resilience
Assess the supplier's ability to support your up time and recovery objectives. Evaluate their infrastructure, disaster recovery capabilities, and their preparedness for emerging digital risks.
Choosing the Right Partners
Robust supplier relationships are essential for business resilience. Prioritize vendors who not only meet regulatory standards but actively contribute to your operational success. Seek those who:
- Exceed compliance requirements, demonstrating a commitment to security and best practices.
- Invest in continuous improvement, staying ahead of evolving technologies and threats.
- Proactively address emerging digital risks through training and resource allocation.
Due Diligence: An Ongoing Commitment
Technology and its risks are constantly evolving. Due diligence is not a one-time activity but an ongoing commitment. Regularly reassess your vendors, their services, and their security posture to ensure your business remains adaptable and resilient in the face of an ever-changing digital landscape.
By adopting a proactive and strategic approach to IT supplier Due Diligence, you can protect your business, enhance operational efficiency, and build strong partnerships that contribute to long-term success.
