Due Diligence and Ongoing Monitoring

Hello All,

Recently our Bank signed a contract with a vendor to provide Legal Plans (for employee's legal issues) & Identity & Fraud Protection plans.

This is completely voluntary.

Do we need to do a due diligence on this vendor.  What are the risks? 

Your feedback is appreciated.

I am not an attorney and I am not offering legal advice (love me a disclaimer).

Although voluntary, a risk is still present. I'm not sure what Legal Plans consist of but if it is guidance for potential legal advice, that is quite a risk. 

I don't want to assume that you would or wouldn't request certain documents so :)  I would request a copy of their professional liability insurance, business license (if an attorney, their current law license), a BBB check, OFAC, and maybe a couple of references. The agreement with the vendor should include a clause that the work performed is without compensation and one stating to hold the bank harmless.  

Thank you for the response.

I found out more about this service.  It is thru a major Insurance company.  Employees will pay a premium thru their payroll deduction for this service. They can choose an attorney from the insurance companies' network of attorneys for legal advice. 

Thanks