VENDOR AUDITS

VendorlyTM 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.

How we help
Improve oversight

Implement a robust program to ensure that your vendors are continually complying with regulatory requirements

Reduce ongoing risk

Identify high-risk vendors, monitor their performance and develop remediation plans to fit your business

Customize due diligence

Create desk audit questionnaires tailored by service type, industry and your business requirements

opening It’s great to have confidence that the group that’s vetting your vendors has done their due diligence, and they’re really there to help you. closing

Jeff Ratanapool, Century Mortgage Company  

What we offer

Periodic desk and on-site audits of vendor controls

Online, customizable vendor due diligence questionnaires

Desk audit reports summarizing questionnaire results

Audit and status reports on monitored controls and corrective plans

Regulatory Guidance

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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