I work for a small credit union and we are re-evaluating our due diligence monitoring. I am wondering if other companies conduct financial reviews for low-risk vendors?
We do not perform a financial review on low risk vendors.
------------------------------Krysten AquinoKeyBankThird Party Management Risk Advisor------------------------------
Same here. Just Highs and Criticals for us.
We will assess our vendors for financial risk during the onboarding process and conduct annual reviews thereafter. Given the low risk, it makes sense to conduct annual financial review rather than more frequently.
We do not review financials for low-risk vendors. However, we check the contract and COI annually & make sure vendor contact is up to date.