RIA Compliance and Practice Management Blog

Free Vendor Due Diligence Platform Now Available to RIA Firms

Posted by RIA in a Box

Sep 27, 2019 8:34:19 AM

RIA Cyber security vendor due diligence platform

Since launching MyRIACompliance® in 2014, we have sought to make our software more efficient and higher quality by combining innovative software tools and features with our human expertise. Today, we are excited to announce a new free level of access to our Vendor Due Diligence Platform. The free version of our Vendor Due Diligence Platform allows a registered investment adviser ("RIA") firm to connect with up to five vendors to help automate their third-party technology vendor due diligence review and documentation process.

Sign-Up Now for Our Free Vendor Due Diligence Platform

Developed and named Best in Show at the Fuse Fintech Competition back in 2017, the platform is now offering a free level of service for all RIA firms. Third party vendor due diligence is one of the critical cybersecurity compliance challenges that the RIA industry faces today. As more firms migrate to cloud-based technology, proper vendor management and due diligence is becoming an even more important element of investment advisory compliance programs. In today’s world, every RIA firm needs to actively mitigate the risk of information security breaches via third party vendors that may expose nonpublic personal information (“NPI”) or other sensitive client data. RIA in a box has committed to making its MyRIACompliance® Vendor Due Diligence Platform available to all RIA firms in order to help advisors collaboratively address this major industry challenge. You can join the platform now for free by clicking here.

Components of the Free Vendor Due Diligence Tool

Automated Documentation

The Vendor Due Diligence Platform allows RIA firms and vendors to automate documentation sharing and tracking by sharing due diligence documentation (e.g., business continuity plan, email compliance, cyber security policies) all within in a single digital platform. RIA firms can connect with vendors directly via the platform to conduct initial or ongoing vendor due diligence. Once the vendor approves the RIA firm via the platform, the RIA firm will then have access to all available due diligence documentation. In addition, the advisory firm will be automatically notified when a connected vendor shares new or updated due diligence documentation. This ensure that the RIA firm always has access to the vendor's most accurate information. 

free vendor due diligence platform for RIA firmsConduct Vendor Due Diligence

The platform facilitates documentation sharing allowing for RIA firms to easily gather the latest due diligence documentation and review vendor policies and procedures in a timely manner. The platform also provides guidance to RIAs on critical due diligence considerations when evaluating a third party service provider.

Streamlined Record Keeping

The platform creates a log of when RIA firms have reviewed and commented on due diligence documents within the platform, allowing for RIA firms to easily keep a digital record to help meet cybersecurity regulatory compliance requirements. For both RIAs and vendors, the Vendor Due Diligence Platform creates a centralized location and single point of contact to facilitate very important, but time consuming due diligence activities. 

The free version of the Vendor Due Diligence Platform is now live and available to all RIA firms. You can join the platform now for free by clicking here. Presently, the RIA industry vendors available on the platform include:

  • Advyzon
  • Asset-Map
  • Bridge FT
  • FCI
  • Itegria
  • Ladder Life
  • MessageWatcher
  • MoneyGuide Pro
  • Morningstar
  • Orion
  • Redtail
  • RIA in a Box
  • RightSize Solutions
  • Riskalyze
  • Snappy Kraken
  • Wealthbox
  • Yourefolio
  • Vise AI

We will continue to add new vendors on a regular basis.

Download Our Checklist on 10 Steps to Take When Selecting a 3rd Party Vendor

Topics: RIA Compliance, RIA Technology

RIA in a Box LLC is not a law firm, investment advisory firm, or CPA firm. RIA in a Box LLC does not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities or legal counsel if applicable.

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