Vendor Due Diligence
Vendor due diligence is the process of evaluating a third-party provider's security, compliance, reliability, and performance before (and during) a business relationship.
In the context of financial institutions, due diligence is essential when selecting intranet software or any technology vendor. It ensures the provider meets regulatory standards, handles data securely, and won't introduce operational risk.
Why It Matters
- Required by regulators like the NCUA, FDIC, and FFIEC
- Protects your institution from data breaches or vendor failure
- Ensures continuity and service-level expectations
- Builds trust and transparency between your FI and the vendor
How SimplifyIT Helps
We support full vendor due diligence with up-to-date SOC 2 documentation, security policies, and detailed technical answers. Our team is experienced in working with IT and compliance teams at banks and credit unions to streamline the process.