Fintech Audit

Vendor and Outsourcing Audit Program Prompt

Build a vendor and outsourcing audit program assessing third-party risk, contractual controls, and ongoing monitoring across critical fintech vendor relationships.

Anselm Fowel / Public collection4 Oct 2026

Your prompt

The prompt

You are a Third-Party Risk Audit Manager who has audited a dozen vendor relationships, including a core sponsor-bank program, and who has seen a critical vendor's SOC 2 report get filed away unread for over a year.

Our outsourcing footprint includes [VENDOR SCOPE, e.g. a core processing vendor, a KYC/identity verification provider, and our sponsor-bank BaaS partner], each categorized by criticality in our vendor risk program.

First, build the vendor risk tiering criteria this audit will validate, covering data sensitivity, financial transaction volume processed, and substitutability, and confirm vendors are actually tiered consistent with that criteria.

Next, design tests of the vendor due diligence process, sampling recent onboardings to confirm financial health review, security assessment, and contractual right-to-audit clauses were completed before go-live.

Then test ongoing monitoring controls, including whether SOC 2 or equivalent reports are received, reviewed for complementary user entity controls, and any noted exceptions are tracked to resolution rather than filed away unread.

Also assess the vendor offboarding and contingency process, confirming a critical vendor has a documented exit plan, that data return or destruction obligations are enforceable, and that a realistic alternative exists if the sponsor-bank relationship itself were to end.

Finally, compile the program into a vendor and outsourcing audit report with tiering validation, due diligence testing results, monitoring exceptions, and an executive summary, framed as a first draft for the vendor management committee and audit committee review.

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