Vendor Due Diligence

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The SEC, FINRA, and other regulatory bodies frequently communicate their growing concern regarding third-party risks. Documentation of risk assessments and relevant due diligence of your third-party vendors is just as important as your internal control procedures. 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 helps firms address these questions in a best practice environment, and still at a lower overall cost than a firm's internal 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 Scott Cosentine.

 

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