How do you start due diligence on a potential fintech partner? Truth is: Homework (due diligence) done well can save your business and resources in the long run. You thought you were long past homework discussions. If this discussion is reminiscent of childhood conversations with your parents, my apologies.
Failure to identify and address inherent and/or developing third-party vendor risks could reduce revenue streams, cost your organization valuable time and resources, jeopardize the safety of your customers’ personal identifiable information, damage your organization’s public reputation and/or increase regulatory scrutiny. Whatever service a fintech partner provides, it is your responsibility to confirm that your fintech partner meets its contractual and service-level responsibilities throughout the life of the relationship. Ongoing due diligence may be an overused phrase, but it is essential to manage a fintech partner. One important due diligence aspect that’s often overlooked is the need to perform ongoing due diligence once a fintech partner is embedded in your organization.
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