Due Diligence and Ongoing Monitoring

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  • 1.  Meeting/Event Venues - out of scope?

    This message was posted by a user wishing to remain anonymous
    Posted 06-17-2021 04:25 PM
    This message was posted by a user wishing to remain anonymous

    As a marketing organization, our company hosts various meetings and training events at unaffiliated hotels or restaurants. There typically is a contract/agreement for the event; even if it is a one-time event. Would your organization consider a hotel or restaurant venue for these purposes as "out of scope"? If not, what type of review would you recommend?


  • 2.  RE: Meeting/Event Venues - out of scope?

    Posted 06-18-2021 08:24 AM
    We exclude entities from which travel, meals and entertainment are purchased and I would include hotels for conferences/meetings in that exclusion if this was an infrequent event.  If coordinating and hosting conferences was a regular part of my organizations operations I might rethink that exclusion.

    Our complete exclusion listing is:

    • Services contracted with or through a law enforcement agency (local, state or federal) such as US Marshalls or Sheriff's Department are excluded from the vendor management procedures. Examples of contracted services might include, but are not limited to, serving and enforcing court orders or repossessing collateral.
    • Utility Companies,
    • Dues paid to an association,
    • Providers of subscription services such as magazines, periodicals and educational resources,
    • Entities receiving charitable contributions,
    • Entities receiving sponsorships,
    • Employees, corporators or board members,
    • Investors,
    • Merchant payment processors (managed through Payments Risk),
    • Entities from which travel, meals and entertainment are purchased and
    • Federal, state or local governments or entities engaged by the government for the collection of taxes and fees.
    Shelly

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    Shelly Chase
    Senior Risk Analyst Officer
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