Due Diligence and Ongoing Monitoring

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  • 1.  Proof of Concept Work

    This message was posted by a user wishing to remain anonymous
    Posted 04-27-2021 03:32 PM
    This message was posted by a user wishing to remain anonymous

    Do we need to perform due diligence on vendors who we are engaging for proof of concept work?


  • 2.  RE: Proof of Concept Work

    Posted 06-07-2021 02:37 PM
    That's an interesting question.  We require due diligence as part of an RFP process when we are comparing potential vendors/services.  ​We also require due diligence when we are looking at a new fintech, which may be closer to proof of concept depending on the fintech.  If you decide not to obtain due diligence for proof of concept you run the risk of getting pretty far down the road with a partner who might not be a good match for your risk appetite.  I tend to ere on the side of getting as much due diligence up front as possible to avoid surprises.  If the vendor was a consultant and not the ultimate provider of the service I would obtain due diligence as we obtain due diligence for all consultants.

    Hope this is what you were looking for,
    Shelly

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    Shelly Chase
    Senior Risk Analyst Officer
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