The views and opinions expressed in this article are those of the thought leader as an individual, and are not attributed to CeFPro or any particular organization.
By Olga Baldwin, Director, Vendor Risk Management, Sterling National Bank
How has Covid-19 impacted the ability to conduct on-site assessments?
COVID-19 Pandemic has limited companies’ ability to conduct on-site assessments disrupting the usuals approach to perform third party risk management of critical vendors driving many organizations to conduct online or remote assessments. The limitations were caused by several reasons, such as quarantine requirements, staff reduction or restriction on visitations of the facilities. Many employees were transitioned to work remotely which made in some cases impossible an onsite assessment. The impact is leading to a development of new approaches and utilization of available on the market tools to substitute on-site assessments with remote assessments where possible.