Innovation in Compliance with Tom Fox Third-Party Management: A risk-based approach – Part 2: Stephanie Font on Questionnaires and Due Diligence
Mar 21, 2023
Stephanie Font, director in operations optimization who specializes in due diligence and third-party questionnaires. She discusses crafting questionnaires tied to regulations and risk models. She explains how questionnaire answers guide the depth of investigations and when to escalate. She highlights using templates tailored by risk and the role of documentation and automation in creating audit trails.
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Design Questionnaires To Meet Regulations
- Do design questionnaires around the specific regulations you need to comply with.
- Stephanie Font recommends asking questions that directly produce evidence for your compliance obligations and risk model.
Questionnaires Feed Your Risk Model
- Questionnaires are a starting point that feed your risk model and determine next steps.
- Use responses to decide whether to do baseline screening or escalate to deeper investigations based on flagged risk factors.
Pick Investigation Depth Based On Risk
- Do match investigation depth to identified risks: start with open-source checks, escalate to enhanced due diligence when red flags appear.
- Stephanie describes open-source for baseline facts and enhanced due diligence for boots-on-the-ground verification.