Brooklyn Due Diligence & Risk Assessment
Typically, pre-contract due diligence focuses on the specific service or product being sourced. After a selection concludes, often a second round of due diligence is required against the chosen vendor focusing on the integrity and strength of its processes as well as the overall company health.
What Is A Supplier Risk Assessment
A supplier risk assessment (like an audit) examines a vendor’s processes, policies, and financial health to determine how much of a risk it poses to those about to sign with them. They must complete at the beginning of every new vendor engagement, then review periodically to see if any of the identified risks at the start are being controlled effectively. This requires a lot of coordination with stakeholders on both sides of the relationship, initially to collate the data, analyse it, and then report the findings.
How Brooklyn Helps
The Brooklyn team can help to initiate the process of pre-contract signing, coordinate the activity using defined standard processes, or make use of our own.
The output will be a fully documented and populated set of risks, including scores with controls added in the Brooklyn platform, with an annual review completed to refresh and update them.
What does the due diligence/risk assessment process include?
- Our services include onboarding reviews to determine what elements are required by the customer and which can be digitised.
- Digital data collection using a bespoke intelligent survey covering items such as; Finance, Operations, Continuity & Resilience, InfoSec and Cyber, Strategic, Environment, Social & Governance, and Inherent Risk.
- The initial review covers identifying and recommending any critical or high-risk areas, which are then documented and added into the Brooklyn platform.
- Each risk will have a set of fully defined controls agreed upon with the vendor.