Skip to content
 

Third Party Vendor Due Diligence

Answered by: 
Andy Zavoina

Question: 
If a third party vendor was already with us before we began doing due diligence on third party vendors, do we need to do a relationship survey sheet on them? What if they are no longer in business? The group that helped us put our PandP manual together is no longer in business.
Answer: 

If certain things weren't done on a vendor and you are still using them, I would do it now or as the contract is renewed to continue their services. The preference would be on now, depending on the vendor and access they have to your systems and confidential information. If that vendor is no longer in business, no, I wouldn't go back. It serves no purpose assuming they wouldn't have your files any longer.

First published on BankersOnline.com 4/20/09

First published on 04/20/2009

Filed under: 
Operations
Filed under operations as: 
Due Diligence
IT

Report a problem with this page

Search Topics