It is recommended that you routinely monitor different third party relationships to identify new risks. The following items should be monitored or assessed on a quarterly, biannual, or annual basis.
-
Certificates of Insurance. Routinely monitor all certificates of insurance associated with your engagements throughout the lifetime of each engagement.
-
Financial Viability. The Financial Viability assessment should be redistributed and analyzed on a yearly basis, or more frequently.
-
Loss Events, Findings, and Remediation Plans. Loss events, findings, and remediation plans should be assigned relationship managers and monitored and assessed regularly to prevent further damage to your organization and to expedite the remediation process.