Financial institutions depend on third party service vendors to do the important transactions and handle data. Financial institutions will want to identify the level of importance to the institution, what actions the vendor will take over, and how much of a risk is injected into the action by moving it to a third party vendor. The more risk that is involved, the more attention is needed in the due diligence of choosing, contracting and overall management and monitoring of the vendor. Do they willingly provide references from other clients? Can you check with industry associations or user groups about the quality of their service?”]
Source: https://www.cuinfosecurity.com/making-your-vendor-management-program-work-a-479