This message was posted by a user wishing to remain anonymous
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.
Original Message:
Sent: 02-22-2023 11:02 AM
From: Anonymous Member
Subject: Legal Plans
This message was posted by a user wishing to remain anonymous
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.