Vendor Due Diligence Services

 Vendor due diligence is a critical component of managing vendors. In pre-contract and post-contract stages of the lifecycle, you should be gathering and analyzing due diligence. Efficiently send due diligence questionnaires directly from our ID GRC platform and track which vendors have been sent DDQs. Our GRC tool and team of expert will manage, monitoring, validating, and remediating risks presented by third-party vendors. Ensuring your vendors protect your data, comply with regulations, and provide sustainable services that meet your requirements. Vendor Due Diligence Services

Identifying and assessing factors affecting capital allocation and growth potential is critical during the diligence process. For private equity and corporate acquirers, risks associated with IT can consume significant post-close investment or impair long-term revenue gains.

CyberSecOp provides financial organizations cost-effectively comply with FINRA, FinCEN, SEC, OCIE, FTC, and NFA requirements. Our staff have years of FINRA, FinCEN, SEC, OCIE, FTC, and NFA experience.

 Vendor Diligence and Management

Initial Due Diligence: involves analysis and verification that your potential supplier meets your needs and is in compliance with regulations. You need to determine whether a relationship would help meet your organization’s strategic and financial goals, and then mitigate the identified risks to the best of your ability

Ongoing Due Diligence: Involves continuous monitoring of your supplier to ensure that they are continually meeting your needs. Not only should due diligence be performed before selecting a supplier, it should also be performed periodically throughout the relationship. The more critical the vendor is to your operation, the higher the frequency of your ongoing due diligence schedule.

Automated and standardized: Supplier Due Diligence Assistant enables companies to automatically assess their suppliers against regulatory and internal guidelines, eg. identify the potential risks of money laundering. The tool guarantees a consistent approach and documentation.

Our IT due diligence services include:

IT due diligence on the purchasing side. This is an in-depth and holistic assessment performed by an on-site team of CyberSecOp professionals. It examines the IT function’s strategy and alignment with the business, business applications and if key processes are supported and effective, the state of the infrastructure, the capabilities and adequacy of management, staff and suppliers, and the adequacy of the budget. The report includes considerations during acquisition, holding period and eventual sale.

Vendor Due Diligence Services:

Limited scope IT due diligence. This is a personalized assessment that targets a limited portion of the items covered by a full buy-side verification. A limited scope review is often done on an exploratory basis before signing a formal letter of intent (LOI) or when the size of the transaction or IT complexity does not warrant a more robust analysis. The report includes considerations during the acquisition and can provide recommendations for areas warranting further exploration after the execution of the LOI.

Sell ​​side review. This is a buy-side type of diligence performed on the company, which then turns into a workshop to examine risks and prioritize short-term investments. Sellers are also given a list of purchase requisitions, so they can start preparing the basic materials to improve and speed up the buying process. Coaching of IT management can take place at this stage.

                        DUE DILIGENCE PROTECTS YOUR BUSINESS FROM REPUTATION RISK

Reputational risk refers to negative public opinion or customer perception that results from irresponsible supplier practices. Insecure remote access from suppliers can lead to a number of issues that can destroy customer relationships and damage your company’s reputation, including:

  1. Customer complaints
  2. Dissatisfied customers
  3. Interactions incompatible with company policies
  4. Security breaches resulting in disclosure of customer information
  5. Violations of laws and regulations

DUE DILIGENCE REDUCE OPERATIONAL RISK

Operational risk arises from internal violations, processes and system failures. There is a growing number of third-party suppliers in the extension of operational risk, as they are closely linked to operational processes and business practices. Operational risks can be caused by:

  1. Employee error
  2. Non-compliance with internal policies
  3. Internal and external fraud or criminal activity
  4. System failures

DUE DILIGENCE COMPLIANCE ASSESSMENT SERVICES

CyberSecOp can help your organization meet the security, privacy, availability, and privacy requirements of one or more regulations. We offer a modular approach depending on your needs, consisting of one or more of the following:

The performance of a gap analysis that translates into a roadmap to achieve compliance.

Conducting a risk assessment that identifies risks and analyzes existing threats, vulnerabilities and mitigation strategies. CyberSecOp has the expertise and experience with a wide range of regulations, standards and frameworks:

  • FERPA Safety Rating
  • SOX and SOC security assessment
  • ISO 27001 security assessment
  • NIST Security Assessment
  • FEDRAMP assessment
  • COBIT GAP Assessment
  • ITIL Assessment
  • GLBA Security Assessment
  • GDPR security assessment
  • FISMA Security Gap Assessment
  • HIPAA Security Assessment
  • HITECH security assessment
  • PCI DDS Security Assessment
  • FINRA Cyber ​​Security Assessment

THIRD-PARTY DUE DILIGENCE FOR FINANCIAL SERVICES

Within a Supplier Due Diligence Assistant, all collected supplier information, due diligence reports and next steps are tracked and documented in a centralized audit trail. This allows companies to prove and document compliance efforts, if necessary. Supplier oversight is often the forgotten pillar of third-party risk management. It’s easier to do the initial supplier due diligence up front, on the integrating side of the equation. While initial due diligence is essential and can be a nerve-racking experience you don’t want to repeat, the ongoing monitoring and constant monitoring of your suppliers is the real meat and potatoes of any third-party risk management program. Your supplier risk management program will earn its reputation, good or bad, through continuous monitoring. If your program is up and running and the board thinks everything is going well, keep it that way by keeping your finger on the pulse of your suppliers.

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