Small Business Risk Assessment with SignalX: As per Deloitte, 87% of companies have had their operations disrupted in some way because of a third party. Third parties could be vendors, suppliers or small businesses.
Of 170 enterprises surveyed by Deloitte, 87% have experienced an incident with a third party that disrupted their operations, and 11% have experienced a complete failure in their vendor relationship.
We often come across the assumption amongst our clients that small businesses in their supply chain such as proprietors and partnership firms are difficult to conduct due diligence and risk assessment on due to limited availability of data.
At SignalX, we dispel that assumption by showing how we can unearth a wealth of data to conduct a meaningful analysis on a small business risk. We have packaged our process into a neat framework to help our customers successfully conduct due diligence on small businesses and merchants.
Here’s a link to download the framework document which you can use to optimize your small business vendor / supplier due diligence and risk assessment process.
<The SignalX Framework for Small Business Risk DD >
In this handbook, we show how you can understand the entity’s risk position by executing discrete checks such as looking at tax filings data, cheque bounce litigations, debt recovery issues, legal history, promoter background, reputation signals from media analysis, and more.
We have also included a disclosure form for key financial data points that you can administer to merchants in your network to collect financial data, which we refer to as a non-discrete check, over and above the rest of the due diligence checks that are possible.
