Ashland Partners & Company, LLP has launched a new Vendor Due Diligence service designed to assist asset managers in performing due diligence on their third party providers. Ashland Partners’ Vendor Due Diligence Solution allows Chief Compliance Officers to delegate the collection and evaluation of data needed to assess the risk of their firm’s vendor relationships as required by industry regulations and best practices.
With a network of over 850 clients, Ashland Partners is positioned to help investment managers comply amidst new and ever-changing regulatory environments. Recent SEC examinations and resulting deficiencies have focused on understanding and mitigating the risks posed by third party service providers. The SEC’s 2015 Cybersecurity Exam Initiative specified that it “may focus on practices and controls related to vendor management, such as due diligence with regard to vendor selection, monitoring and oversight of vendors, and contract terms.” The 2016 Initiative echoes this objective, and both the SEC and FINRA continue to emphasize the growing need for third party oversight in order to protect investors’ sensitive information.
Chief Compliance Officers, who oftentimes lack an IT background, frequently struggle to establish appropriate questionnaires with which to vet their various vendors. Properly interpreting the answers (if given) in order to take mitigating actions and make operational decisions can be even more elusive given the complexities of cybersecurity today. Ashland Partners’ new Vendor Due Diligence Solution solves these problems and provides clients robust documentation.
The new platform deploys industry-vetted vendor questionnaires and utilizes risk-ratings appropriate to each vendor-specific relationship at a previously unfeasible price point. The new platform automates the evidence gathering process thus ensuring vendor responsiveness, expedited response times, and improved data quality versus labor-intensive manual processes.
The new service also brings to market the ability to track real-time updating as vendors reflect changes in operations, making stale point-in-time assessments a thing of the past. Furthermore, it queries for the latest advancements in incident detection and response controls, highlighting today’s reality that firms can’t stop at cybercrime prevention alone.
For more information on Vendor Due Diligence or other solutions, please visit our website at www.ashlandpartners.com/vendordd
For questions contact Jason Millard at 541.842.8404 or firstname.lastname@example.org.