Third-party due diligence is big business. For companies, it begins by considering a business relationship with a third party. The third party will perform some sort of service that the business either cannot or does not want to perform itself.
The due-diligence process typically begins before the company decides to enter into the relationship, as various third parties are screened for price, customer service and other business reasons. After the business decides to hire the third party, the company ideally collects additional compliance information — usually with some sort of questionnaire.
