Vendor Due Diligence & Questionnaires
The SEC requires that you conduct due diligence on your service providers to protect yourself from exposure to risk and your organization from potential regulatory fines. This webinar was hosted with Jessica Ruby of David Landau & Associates, LLC on Oct 27th.
You can download a full copy of the slides from this webinar.
Full video transcript available below:
Okay. We recommend the use of due diligence questionnaires in order to complete this process. They are a great tool for collecting and tracking information, and can also be stored in MyComplianceOffice, as well. The questionnaires should be completed by the service providers and should include such things as, a review of periodic compliance reports or certificates, internal controls, like the SSAE 16, which discusses technology controls, among other things, and audited financial statements. A privacy policy, and control around client confidentiality. Identification of key employees associated with the account, and their qualifications, particularly if there have been any staffing changes, associated with the account in the last year. |
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