Vendor Due Diligence

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Due diligence on third-party service providers is a growing concern in today’s business environment and in particular across the financial services sector.  The SEC, FINRA, and other regulatory bodies have communicated this frequently and routinely request information related to third-party due diligence during examinations.  Increasing reliance on third-party expertise in the industry means both risk exposure and regulatory oversight will continue to grow.

A good due diligence program starts with a complete inventory of vendors and an assessment of the risks they pose to a firm's data.  However, once the risk is determined, how does the firm effectively mitigate those risks?  What questions need to be asked?  What supporting documentation should be obtained?  How do you force the vendor to comply with your regulatory needs?  Ashland Partners can help firms address these questions and still lower the overall cost of a firm's due diligence efforts.

Efficient Service - Our automated platform expedites vendor response times and creates useful reports to minimize the CCO’s time commitment
Quality Due Diligence - We have customized industry-vetted questionnaires that the vendor will find meaningful to the service they are providing and pertinent to your needs as the client
Documented Processes - Our reports document the due diligence performed as well as potential remedies to mitigate residual risk posed by the vendor

For more information, please contact Jason Millard or Scott Cosentine.

 

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