A virtual third party assessment is a form of due diligence that replaces certain onsite evaluations with similar or alternative (but equally effective) processes accomplished remotely in real time. Virtual assessments may be conducted in several ways depending upon their specific purpose. Some vendors create virtual window environments (e.g., data rooms) at specific times through which they can respond to outsourcer due diligence requests or provide online access to virtual data rooms. Another successful approach conducts specific test procedures using a local resource but viewed remotely by the outsourcer in real time. Outsourcers can often devote more senior resources to virtual assessments because their time can be used more effectively, adding to the value of this approach.
