In a time of rapidly changing threat landscape (both physical and digital), accelerated technology development, and complex regulatory environment, vendor selection and management has become critically important.
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1. Trusted Partners Values
- Deep understanding of the financial institutions culture and expectations
- Provide training in technology trends and product research and development
- Knowledge of financial institution’s compliance requirements, risk landscape, and industry standards
- Quarterly service level reporting and preventative maintenance tracking
- Effective management of sub-contractors
- Provide equipment tracking and budgeting support and 5-year technology road-map development
2. Risk Compliance & Legal
- Soc 2 Type 2 certification report
- Proof of insurance & liability including a minimum of $5 million
- Laptops & devices are audited, secured and encrypted
- Employee and subcontractor background check and drug testing
- Business continuity plan (I.e. Effective work from home policies and pandemic protection strategies)
- Industry experts with professional certifications on staff
- Compliance with all federal, state, and technical industry certification requirements
3. Innovative Automation & Secure Remote Technologies
- Multiple non-proprietary solutions representing different brands
- Open architecture with integration capability and encryption
- Solution targeting customer pain points
- Platform creep reduction strategies (reducing number of at risk platforms/systems)
- Performance and efficiency improvements
- FTE efficiency or reduction through technology or managed services
- Technology migration and conversion experts
- Provide guidance for the implementation of AI & analytics
Vendor Due Diligence in the Digital Landscape of 2022 has changed dramatically. It has never been more important to ensure vendors be put through a due diligence checklist. Click here for an interactive PDF copy of the Vendor Due Diligence Checklist
You are only as strong as your weakest vendor link.
Written by: Steve Ryker, CPP, VP of Compliance & Risk
