Risk Assessments

This message was posted by a user wishing to remain anonymous

Has anyone dealt with a Vendor being acquired in the midst of an assessment?  If so, how was that handled?  Do you scrap the existing assessment and start a fresh one?  Looking for some tips and guidance here.  Thanks.

We track wholly owned subsidiaries as well the parent companies in our vendor management program.  I have not scrapped the due diligence already started in the event of acquisition but I would certainly expand it to also include the parent company.  Its also helpful to understand what that relationship and reporting will look like go-forward will there be separate SOC's if this is a vendor you contract with, new contacts for questions/issues, change in services.    ​
Original Message:
Sent: 01-22-2021 12:18 PM
From: Anonymous Member
Subject: Vendors Acquired during assessment

This message was posted by a user wishing to remain anonymous

Has anyone dealt with a Vendor being acquired in the midst of an assessment?  If so, how was that handled?  Do you scrap the existing assessment and start a fresh one?  Looking for some tips and guidance here.  Thanks.

This message was posted by a user wishing to remain anonymous

Thank you!
Original Message:
Sent: 01-22-2021 01:08 PM
From: Michelle Chase
Subject: Vendors Acquired during assessment

We track wholly owned subsidiaries as well the parent companies in our vendor management program.  I have not scrapped the due diligence already started in the event of acquisition but I would certainly expand it to also include the parent company.  Its also helpful to understand what that relationship and reporting will look like go-forward will there be separate SOC's if this is a vendor you contract with, new contacts for questions/issues, change in services.    ​
Original Message:
Sent: 01-22-2021 12:18 PM
From: Anonymous Member
Subject: Vendors Acquired during assessment

This message was posted by a user wishing to remain anonymous

Has anyone dealt with a Vendor being acquired in the midst of an assessment?  If so, how was that handled?  Do you scrap the existing assessment and start a fresh one?  Looking for some tips and guidance here.  Thanks.

We would continue on with the assessment in progress but also add an assessment of the parent company if the acquisition is not fully implemented.  I have found that it takes a while to transition to the new company systems/programs so validating both makes most sense to me.
Original Message:
Sent: 01-22-2021 12:18 PM
From: Anonymous Member
Subject: Vendors Acquired during assessment

This message was posted by a user wishing to remain anonymous

Has anyone dealt with a Vendor being acquired in the midst of an assessment?  If so, how was that handled?  Do you scrap the existing assessment and start a fresh one?  Looking for some tips and guidance here.  Thanks.