Due Diligence and Ongoing Monitoring

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  • 1.  Due Diligence of Governmental agencies

    Posted 07-19-2023 03:43 PM

    What type of due diligence do you perform, if any, on governmental agencies you are required by law to use? Does your response change if the agency acts outside of state government, but was established by state statute?



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    Mark Ewert, CPCU, CIC
    Director Vendor Management
    Penn National Insurance
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  • 2.  RE: Due Diligence of Governmental agencies

    Posted 07-19-2023 03:46 PM

    We don't' do due diligence on federal or state government agencies.  This is our practice but like to hear others.  Thank you! 




  • 3.  RE: Due Diligence of Governmental agencies

    Posted 07-20-2023 07:26 AM
    Governmental agencies, regulators, and taxing authorities are all scoped out of our TPM program. 

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  • 4.  RE: Due Diligence of Governmental agencies

    This message was posted by a user wishing to remain anonymous
    Posted 07-20-2023 07:26 AM
    This message was posted by a user wishing to remain anonymous

    We do not perform due diligence on organizations that we must use but have no influence over such as Federal Reserve, government agencies, and utilities.


    Original Message


  • 5.  RE: Due Diligence of Governmental agencies

    Posted 07-20-2023 09:05 AM

     

    We exempt Governments, Government Agencies, and Government Sponsored Entities (GSE).

     

    It does get tricky when the provider is not quite a GSE, but is wholly dependent on, established by, and/or "acting" like a GSE.

    Examples of gray areas:

    Informatix (FIDM) - chosen by the state, so technically a 4th party to a Govt., but we have to share NPI with directly ...

    Choose a locality or state and add " Economic/Certified Development Corp"

    When it gets tricky, we generally keep them in TPRM inventory and collect as much DD as possible.

     

     

    Thanks.

     

     

    Greg Schmeisser

    Corporate Contract & Procurement Director

     

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  • 6.  RE: Due Diligence of Governmental agencies

    Posted 07-20-2023 08:48 AM

    Typically Government entities are carved out of our program as well, however recently I have wondered if we are overlooking areas of concern.  

    For example, if we carve out FHA/HUD, how would you assess the web portals for Catalyst, Connection, and EAD to ensure appropriate protocols are in place for users to interact/access with those cites?

    • FHA Catalyst: a secure, flexible, cloud-based platform that provides a modern, automated system for mortgagees, servicers, and other FHA program participants.
    • FHA Connection: provides FHA-approved lenders and business partners with direct, secure, online access to computer systems of the U.S. Department of Housing and Urban Development (HUD).
    • FHA EAD: a web-based technology system used by FHA-approved mortgagees to submit appraisal reports to FHA.



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    Rachel Kenyon
    Mortgage Vendor & Operations Support Manager
    CRVPM V
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