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  • We would typically ask for Financials, Certificate of Liability Insurance and a copy of their most recent Peer Review Letter from external financial auditors.

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    Due Diligence on External Financial Auditor

    This message was posted by a user wishing to remain anonymous We are in the process of submitting a board required RFP for our external financial auditor. What type of due diligence documentation ...

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    RE: Out of Scope

    Every organization will have its own list of entities excluded from its definition of vendor or excluded from the vendor management process. Some on the list will be unique to the organization's ...

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    RE: Out of Scope

    Venminder has published some guidance on this topic which I've found helpful: https://www.venminder.com/blog/out-of-scope-third-parties https://www.venminder.com/library/determine-in-out-s ...

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    Reviewing 3rd Party Attestation reports

    This message was posted by a user wishing to remain anonymous Looking for some assistance on how to review our 3rd party's reports, SOC reports for example. Is there a checklist or similar that ...

  • Posted in: Exams or Audits

    I realize this is a VM blog but i'm hoping some of you also manage BCP for your credit union and are willing to share some info. I'm curious how you have/will approach testing of business functions ...

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Latest Articles

  • When creating a vendor questionnaire or reviewing a questionnaire completed by a vendor, it’s essential to ask the right questions so you can fully understand the vendor’s cybersecurity environment. Use the following 10 questions to make sure you're providing and receiving the most important cybersecurity information from your vendors.
  • Reading up on latest vendor management news can only help your third-party risk management program We're here to make it easier than ever! Below we've listed articles that we recommend checking out.
  • In the world of vendor risk management, there are several categories of vendor risk to consider, such as strategic, compliance, cyber, financial, reputational and more. Today, we will focus on vendor operational risk and highlight some of the issues that can arise if this risk isn’t managed appropriately. First, we should define operational risk as the risks an organization faces while running its day-to-day business activities. Operational risk typically reflects the failure of processes, procedures, people and systems. Furthermore, operational risk has two dimensions, internal and external.