Due Diligence and Ongoing Monitoring

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  • 1.  DO Low-risk vendors need a financial review?

    This message was posted by a user wishing to remain anonymous
    Posted 12-18-2024 03:46 PM
    This message was posted by a user wishing to remain anonymous

    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?



  • 2.  RE: DO Low-risk vendors need a financial review?

    Posted 12-18-2024 03:57 PM

    We do not perform a financial review on low risk vendors.



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    Krysten Aquino
    KeyBank
    Third Party Management Risk Advisor
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    Original Message


  • 3.  RE: DO Low-risk vendors need a financial review?

    This message was posted by a user wishing to remain anonymous
    Posted 12-18-2024 05:00 PM
    This message was posted by a user wishing to remain anonymous

    Same here. Just Highs and Criticals for us. 


    Original Message


  • 4.  RE: DO Low-risk vendors need a financial review?

    Posted 12-18-2024 06:16 PM

    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.


    Original Message


  • 5.  RE: DO Low-risk vendors need a financial review?

    Posted 12-19-2024 10:42 AM

    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. 



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    Tara Murray
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    Original Message