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Cook Solutions Group

Vendor Due Diligence Management for Banks and Credit Unions. Download the Checklist

April 27, 2022

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.

CSG has divided our vendor due diligence checklist into 3 primary categories.

Request your copy

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