4 Things Companies Need to Consider When Choosing Vendor Screening Services
Working with vendors brings a bunch of risk to the brand or company name. Thus, vendor screening is essential to mitigate the risks. The company can do its own screening, but it will reduce the efficiency and accuracy of the results. Therefore, it is better if the company uses screening vendor services.
There are hundreds of companies offering screening vendor services. Choosing the best one is a challenging first step for the company. Here are three things that companies need to consider when choosing screening vendor services.
Experience is an important point that companies need to consider in choosing screening vendor services. An Experienced service has the knowledge, skills, and tools to provide accurate results.
- List of offers
A good screening vendor service offers at least a search for company benefit owners, open source investigations, field investigations, and global sanctions checks. The more complete the list of offers, the better the service is because the needs of one company with another can be different.
- Turn-around time
A good screening vendor service will provide timely results. This is important for the company because if the incoming report is too long it will make the screening process inefficient. Generally, the reporting period is 12-20 days, depending on what services the company wants.
Screening vendor service fees vary. There are companies that offer very high costs, while some are too low from market prices. Companies should be more observant in seeing details of costs and services so that there are no hidden costs and service quality that is far below standard. Vendor screening is an investment if done right. Therefore, choosing the worth screening vendor is important.