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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Original Message:
Sent: 04-27-2021 03:30 PM
From: Anonymous Member
Subject: Proof of Concept Work
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?