Assuming that you’re invested in the health and future of your business, it’s only natural you want to keep it away from anything criminal as best as possible. However, businesses build partnerships and networks over time. Often, a bad partnership won’t just end in inconvenience but can be a serious risk to your business. Here are some tips on how to avoid dodgy dealers in future, and what to do if you get caught up with them.
Vet Your Partners
First of all, if your business is growing to depend on more third-party relationships with long-term clients, vendors, service providers, and the like then you should put the effort into ensuring that they are the kind of business you can rely on. Third-party due diligence is all about doing just that.
Due diligence teams can look into an extensive list of public records and PR history to ensure that you’re aware of any potential risks with any third-parties. If they don’t pass the vetting process, you should put the brakes on any relationship you have with them.
Prepare To Defend Yourself
If a third party is carrying out a service on your behalf or is in any way working with your clients and customers, you might be held liable for the crimes that they commit. If they are being investigated or accused or data theft, identity theft, or any crimes that might involve their partnership with you, look at this defense attorney to see how it might affect you and get protected as soon as possible. You may very well be accused of the same things that they have. Even if they are guilty, you need to make it clear your business had no part in their crimes.
Change The Story
When it comes to fraud or information theft, there are very few ways to come out a winner. Most businesses that suffer a data breach close within two years. It’s essential that you start implementing the fixes to prevent your customers from being endangered again and to make it public that you’re doing that.
You could turn a PR disaster into a PR win. However, it requires that you react quickly, and smartly. Identify the problems, show how you are solving them, and make clear your commitment to your customers or clients.
Take Care Of Yourself
Getting involved in something criminal isn’t just bad for the business, it can be bad for you. That level of personal risk is beyond what most business owners expect. For that reason, you have to ensure you’re taking care of yourself while keeping your business afloat. Try to stay on top of your stress levels and take a break when the crisis has subsided if necessary.
Unfortunately, you simply can’t always see a crook coming. While you should do your best to ensure your third-party network is full of only the most reputable and honest kinds, you should also prepare for the very real risk that one of them might land you in hot water.