This session will walk through various important considerations when choosing new vendors, and foster group discussions surrounding best practices to assist in the ongoing monitoring of vendors and outsourced technology.
Advanced Preparation: None
Pre-requisites for participation: No prerequisites are required
• Develop a full list of both internal and external vendors, and understand your firm’s responsibilities when relying on a parent company or other affiliate to perform certain functions
• Identify which areas/departments should be involved in due diligence reviews, and determine the frequency for ongoing monitoring
• Hear about best practices for keeping your due diligence packet fresh, having a process to address deficiencies, and handling push back from vendors
• Understand vendor risk, and develop a vendor risk matrix to tailor ongoing due diligence to the type of vendor, and the service(s) they provide