Due Diligence and Ongoing Monitoring

Our due diligence review, originally scheduled for October 2023, was not completed until January 2024 due to a lack of response from the vendor relationship owner. Our system automatically adjusts the next review date to the date the due diligence is completed, rather than retaining the previous due date. Audit has identified this as an issue, recommending that we adhere to the cadence outlined in our policy. We typically conduct reviews annually for highly rated vendors, and the delay in this instance may give the impression of untimely review completion. From a risk perspective, I believe it is reasonable to adjust the review date to align with the most recent due diligence completion because we have obtained the most up to date information. I would appreciate hearing others' thoughts on this matter.

When do you commence your due diligence for upcoming reviews? Do you adjust the next review date if due diligence is not completed on time, or do you maintain the original due date? What actions can be taken if the relationship owner is unresponsive? Have you established deadlines for due diligence completion, and are these outlined in your policy or procedures?

Our due diligence review, originally scheduled for October 2023, was not completed until January 2024 due to a lack of response from the vendor relationship owner. Our system automatically adjusts the next review date to the date the due diligence is completed, rather than retaining the previous due date. Audit has identified this as an issue, recommending that we adhere to the cadence outlined in our policy. We typically conduct reviews annually for highly rated vendors, and the delay in this instance may give the impression of untimely review completion. From a risk perspective, I believe it is reasonable to adjust the review date to align with the most recent due diligence completion because we have obtained the most up to date information. I would appreciate hearing others' thoughts on this matter.

When do you commence your due diligence for upcoming reviews? Do you adjust the next review date if due diligence is not completed on time, or do you maintain the original due date? What actions can be taken if the relationship owner is unresponsive? Have you established deadlines for due diligence completion, and are these outlined in your policy or procedures?

Our due diligence review, originally scheduled for October 2023, was not completed until January 2024 due to a lack of response from the vendor relationship owner. Our system automatically adjusts the next review date to the date the due diligence is completed, rather than retaining the previous due date. Audit has identified this as an issue, recommending that we adhere to the cadence outlined in our policy. We typically conduct reviews annually for highly rated vendors, and the delay in this instance may give the impression of untimely review completion. From a risk perspective, I believe it is reasonable to adjust the review date to align with the most recent due diligence completion because we have obtained the most up to date information. I would appreciate hearing others' thoughts on this matter.

When do you commence your due diligence for upcoming reviews? Do you adjust the next review date if due diligence is not completed on time, or do you maintain the original due date? What actions can be taken if the relationship owner is unresponsive? Have you established deadlines for due diligence completion, and are these outlined in your policy or procedures?

Our due diligence review, originally scheduled for October 2023, was not completed until January 2024 due to a lack of response from the vendor relationship owner. Our system automatically adjusts the next review date to the date the due diligence is completed, rather than retaining the previous due date. Audit has identified this as an issue, recommending that we adhere to the cadence outlined in our policy. We typically conduct reviews annually for highly rated vendors, and the delay in this instance may give the impression of untimely review completion. From a risk perspective, I believe it is reasonable to adjust the review date to align with the most recent due diligence completion because we have obtained the most up to date information. I would appreciate hearing others' thoughts on this matter.

When do you commence your due diligence for upcoming reviews? Do you adjust the next review date if due diligence is not completed on time, or do you maintain the original due date? What actions can be taken if the relationship owner is unresponsive? Have you established deadlines for due diligence completion, and are these outlined in your policy or procedures?