We would conduct an appropriate due diligence assessment of the supplier, including selection criteria and whether the supplier has appropriate governance, the required insurance cover, risk management and internal controls in place to perform the outsourced service or function in accordance with applicable regulations.
The due diligence exercise must include (but is not necessarily restricted to) the following aspects relating to each potential supplier:
- Financial robustness and security
- Internal controls
- Operational capabilities and the ability to scale operations in accordance with Quilter plc’s needs or business needs
- Business continuity planning
- Information security and risk controls, procedures and policies
- Insurance cover and limits
- Staffing policies
- Ability to deliver service requirements and other criteria as defined in the initial selection criteria.