Due Diligence and Ongoing Monitoring

 View Only
  • 1.  4th party vendor of the Maine Revenue Service

    This message was posted by a user wishing to remain anonymous
    Posted 10-08-2020 05:47 PM
    This message was posted by a user wishing to remain anonymous

    Hi All in the Community,

    I'm reaching out for help as I have not had to deal with this type of situation before.  I am new to vendor management and I am unsure on how to proceed with a certain 4th party vendor.

    Our vendor is the Maine Revenue Service and in Venminder I have made them exempt from oversight tasks.  It is a requirement that we report to their 3rd party, our 4th party, Informatix, Inc. for the Data Match Program.  I have reached out and talked with a representative from Informatix and he sent me this reply-

    "Please keep in mind that Informatix is not a vendor of your institution, but rather the State of Maine Department of Revenue. That State and any other applicable States performs Due Diligence when selecting Informatix as their vendor.  Informatix, by policy, does not disclose its' proprietary application/infrastructure design or system processes unless required by contractual obligation with our State clients.  Informatix understands our clients need to ensure data security and we have systems/policies/procedures in place to meet each States' requirements.  We have an outstanding track record of providing data and physical security, which is routinely tested by our internal security reviews, State security walkthroughs, and SOC 1 Type 1 and IRS audits where applicable.  Informatix has never had a security breach." 

    "Our SOC 1 Type 1 outlines our services, our procedures and it shows that we meet or exceed our carefully developed service plan.  As a privately held company and the fact that we are not a vendor for your institution, we are not able to provide financial statements or insurance certificates."

    Currently I have Informatix listed as a vendor with it's own profile and marked them as a 4th party.

    Should Informatix be listed in the Maine profile as a product?

    How would you list this vendor in Venminder and how would you handle the due diligence and risk assessments?

    Thank you in advance for your much needed help!



  • 2.  RE: 4th party vendor of the Maine Revenue Service

    Posted 10-09-2020 10:33 AM
    We are tied to Informatix through Florida.  However, I'm pretty sure we have an agreement with the State of Florida that ties us them and Informatix. In my system, I have them listed as a third-party under the state of Florida, and have documented that they will not provide insurance or audited financials to parties outside of the State of Florida.   But, since they are a required vendor, we don't have an option to choose another providor.


  • 3.  RE: 4th party vendor of the Maine Revenue Service

    This message was posted by a user wishing to remain anonymous
    Posted 10-09-2020 12:27 PM
    This message was posted by a user wishing to remain anonymous

    thank you!