Due Diligence and Ongoing Monitoring

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  • 1.  Bank is building a new location

    This message was posted by a user wishing to remain anonymous
    Posted 06-06-2022 03:10 PM
    This message was posted by a user wishing to remain anonymous

    Good Afternoon!

    Our financial institution is going to build a new branch building. What vendors should be subject to vendor due diligence?

    Thank You!

  • 2.  RE: Bank is building a new location

    Posted 06-28-2022 08:50 AM

    When it comes to construction of any kind, due diligence is an important matter. The list below isn't exhaustive but does represent the minimum due diligence for construction.

    • First and foremost, verifying that the construction company is in a solid financial position is essential. The financial failure of a contractor or key supplier can be catastrophic to a project.
    • Validation of all certifications and licenses or permits necessary to do the work
    • Business continuity and disaster planning and test results
    • Listing of subcontractors and resources used to secure labor.
    • Third-party risk management processes, including evidence of due diligence and monitoring
    • Evidence to demonstrate that suppliers of electrical equipment and components prove the products they provide are genuine and meet safety requirements
    • Listing of equipment owned vs. equipment to be leased or subcontracted
    • Proof of insurance
    • Litigation, claims, or other legal disputes- including any judgments
    • List of workers' compensation claims
    • Disclosure of any past or current safety violations or hazards

    Hopefully, this answer is helpful to you, but I would love to get more input from other members.