Vendorly® can help you monitor your vendors, allowing you to assess their adherence to your requirements. A basic level of review may include our annual remote audit of license and insurance verification; CFPB, BBB and OFAC checks; and due diligence on operational controls and contractual obligations you define. By contrast, for high-risk vendors we offer customizable on-site audit reviews to align with the level of scrutiny you demand.
Implement a robust program to ensure that your vendors are continually complying with regulatory requirements
Identify high-risk vendors, monitor their performance and develop remediation plans to fit your business
Create desk audit questionnaires tailored by service type, industry and your business requirements
The Federal Deposit Insurance Corporation (FDIC): FIL 44-2008 guidance states that in addition to the types and frequency of audit reports that the financial institution is entitled to receive from the third party, the contract should also specify the institution’s right to audit the third party as needed to monitor performance under the contract. Learn more here.
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