Description
The Third Party Service Provider (TPSP) Due Diligence Form helps you efficiently and effectively determine the significance of the relationship as well as the ability of the TPSP to effectively provide the agreed upon service in a sound and satisfactory manner. The due diligence process should be performed prior to selecting a third party service provider (TPSP) and it should also be performed periodically during the course of the relationship, particularly when considering a renewal of a contract. The scope and depth of due diligence is directly related to the importance and magnitude of the institution’s relationship with the TPSP. The TPSP Due Diligence form should be completed prior to entering the relationship as well as part of each periodic due diligence review, as suggested in our Third Party Service Provider Procedures Update.
