Description
The Third Party Service Provider Monitoring Form ensures the third party service provider relationship is consistent with the overall strategic goal of the institution as well as ensuring standard expectations are met. The Third Party Service Provider Monitoring Form identifies items that should be monitored including, but not limited to: the submission of insurance policies, audit reports and performance reports; licensing and registration; financial obligations; contingency plans. It provides a way to monitor a third party service provider relationship as related to the applicable regulatory guidance regarding managing risk resulting from third party service providers. As suggested in our TPSP Procedures Update, the TPSP Monitoring form should be completed, along with the TPSP Due Diligence Form, as part of each periodic due diligence review.
