Due Diligence and Ongoing Monitoring

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  • 1.  Board of Directors Vendor

    This message was posted by a user wishing to remain anonymous
    Posted 09-09-2024 03:35 PM
    This message was posted by a user wishing to remain anonymous

    I work for a financial institution and the board of directors would like to engage with a vendor for their use. Would we need to include this vendor is our program?  



  • 2.  RE: Board of Directors Vendor

    Posted 09-10-2024 08:29 AM

    Hi Anonymous,

    We have a vendor we use their services for surrounding our board meeting. Based on the service they are providing we did include them in our vendor program as a tech vendor. I think this will depend on how your institution structures your VMP, what level of criticality you manage for vendors and what the service is they are providing. Do you have a formal VM policy that you can reference for guidance from your institution?