Customer and Vendor Risk Assessment

Enformion for Customer and Vendor Risk Assessment

It’s up to your company to assess risk with every customer and vendor interaction you have. Enformion’s identity verification and other security tools help to make that risk assessment easier.

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How Enformion Can Help to Assess Customer and Vendor Risk

Every person takes a risk when making a purchase or a sale. But for corporations, that risk is even higher. A bad choice, or one made without proper thought, can severely impact your profits and your reputation. Not only that, but in many areas, it’s legally necessary for you to meet certain compliance requirements to keep yourself, your employees, your customers and your vendors safe.

A vendor risk management system ensures that partnering with an outside vendor does not negatively impact a company’s safety, standards, or procedures and ensures it is in a company’s best interest to continue a relationship with the vendor. Here’s how Enformion helps you complete thorough risk assessments for customers, vendors and more.

Satisfying Compliance for All Involved

In a business chain, it’s important that you maintain compliance because it reflects back on every piece of the business. If you don’t do your due diligence with customers, you may impact your vendors; if you don’t research your vendors, you could negatively impact your customers. That’s why you need to make sure you stay up-to-date with Enformion.

  • More information is always a good thing when you’re trying to assess risk from customers and vendors.
  • When you want to get more information about people, you want to make sure that the information you get is actionable and useful.
  • Enformion gives you access to broad-scope risk mitigation tools that can help you reduce the amount of risk you take on as a company.

Protecting Your Reputation and Filling in Information

In addition to your bottom line, fraud can negatively impact your reputation. For example, if you’re a reseller and you choose a poor-quality vendor to deliver certain drop-shipped items, your customers won’t pin the blame on the vendor. Those customers will pin the blame on you, and your reputation will certainly suffer. Compliance is a social problem, not just a legal problem, and Enformion understands that.

  • You’ll get some information on every person you do business with, but that little amount of information isn’t always enough.
  • It’s important that you always make sure you’re dealing with someone who’s telling you the truth.
  • For better information, Enformion’s risk alert tools can help you understand sources of risk and weigh whether the risk is too strong based on certain important pieces of information.

Knowing Your Customers and Partners

Understanding risk isn’t just a numbers game. You can have a customer with great buying and selling power who still intends to defraud you. What you really need to do is know your true customers and tailor your business to them. With the help of tools at Enformion, real customers will flock to your business, while fraudulent customers will move along.

  • Strong information helps you build customer profiles, generate leads, and otherwise understand your customers, vendors and everyone else who works with you.
  • It’s important that you get the right data every time you try to find more information about someone.
  • With its dynamic data sources, Enformion gives you access to whatever you need to build your business outreach tools.

Paying Attention to Your Specific Needs

Each corporation has different needs. Those needs may be based partially on your industry; health care workers will need different information than collections agencies, for example. However, they may also be based on you specifically and on the way your business currently does these important compliance checks. You can customize Enformion to work how you need it to work.

  • It doesn’t matter how technologically advanced it is; if a platform doesn’t allow you to work in your preferred way, it’s not going to work for you.
  • When you have access to whatever’s most important for your company, it’s easier to get the information you need
  • Enformion understands that personalizing data search and receipt makes it easier for you to grow your company.

Maintaining Compliance on Your Own Time

Compliance is an important legal and social concept that you need to work through if you’re going to have a successful business. However, that doesn’t mean you have to go through it in one specific way. Compliance tools work best if you’re able to deploy them in whatever way you prefer. Enformion gives you the tools, and then helps you use them.

  • Every business can require different types of specific compliance information.
  • No matter what you’re personally doing, you need to have the tools that work best for you, not for other people.
  • You can customize Enformion’s solutions for your business’s individual needs, so you’re always getting the most out of them.

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Call us at 1-855-281-3915, or via online today.