Due Diligence and Ongoing Monitoring

Hi Everyone,

Sorry if this was brought up before as I'm sure it has come up from time to time. Has anyone noticed more delays in getting due diligence documents from your vendors for ongoing monitoring reviews? In the past, there were a few vendors that would cause delays in the beginning of the year, but the amount has now tripled. We are thinking of moving the reviews back or approving them as exceptions, but it would just add more work and coordination to complete later in a shorter amount of time. Has anyone else noticed more and more delays now than in previous years? And has anyone changed their process due to the delays?

Thanks.

Yes, we've also been experiencing delays in receiving documentation from several vendors.

We have a 6-month window built into our policy on completion time to allow for this. Some vendors may take a week or two, but most that we are seeing range in the month or longer timeframe to return their documents and answer the questionnaire, if they answer it. 

You should conduct a full review every 3-5 years. Have you considered streamlining your periodic monitoring practices so you only ask for documentation and information about material changes in their organization (new CIO/CFO/CIO/CISO; M&A activities; service deliver locations; material 4th parties; operations lead for your account), changes to internal controls (good & not so good)? This will streamline mid-contract verification processes.