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3 Steps to Optimize AITEC DDQ for Hedge Funds and Asset Management Firms

Today's hedge funds and asset management firms are operating in a complex and high-stakes industry environment. Unless your firm has all the needed technology, staff, and skills to get everything done internally, you likely rely on third-party vendors for necessary resources and manpower.

While your firm may hold to a high standard of cybersecurity and compliance, the vendors you employ may not. Your vendors have access to sensitive data, and their carelessness becomes your liability in the event anything goes wrong.

This is why AITEC created the Due Diligence Questionnaire. The DDQ is a bank of questions written and gathered by expert members of AITEC and AIMA to streamline the due diligence process for AITEC members working with hedge funds and asset management firms.

The DDQ serves to identify risk by collecting information about a potential vendor’s internal policies and security measures. The results of the questionnaire provide critical insight into the inner-workings of a business, which can be used to determine if a vendor relationship should be established. Results also identify areas of compatibility and shortcomings, providing a reference point from which to build a contract outlining best practices to be upheld throughout the working relationship.

However, the DDQ, while acknowledged industry-wide for its thoroughness and efficiencies, fails to provide its members with critically important scoring and management tools to gather and interpret results. This is where Privva can help.

Privva makes the vendor due diligence process seamless and approachable for small and large firms alike. Here are three ways Privva can help you get the most out of AITEC DDQ.

1. Send questionnaires to all your vendors in one easy step

Many firms work with a large number of vendors, making thorough due diligence feel like an impossible task. Rather than manually managing the sending and receiving of countless questionnaires, Privva allows you to easily assign your vendors the appropriate assessment in one quick step.

Instead of juggling multiple outstanding assessments, Privva keeps track of progress for you, allowing you to easily check-in and monitor the process. Managing, communicating, and tracking AITEC DDQs is made simple with Privva’s all-in-one platform—even if you have dozens to keep up with.

2. Score with ease

For AITEC members, once the DDQ is complete, vendors are left with the responsibility of assessing and scoring the results. This process can be cumbersome and repetitive, but lacking in attention to detail could mean significant liability for your firm later down the line.

With Privva, you have access to comprehensive scoring tools, allowing you to quickly assess results and compare to industry benchmarks. Privva’s time-saving scoring allows you to get back to focusing on your important work, without compromising on quality vendor due diligence.

3. Customize and compare to find your best match

When choosing a vendor, it is important to align on critical policies surrounding cybersecurity, compliance, and privacy. Privva allows you to pick and choose questions, assigning greater or lesser weight based on the importance of their answer. Your decisions will then automatically factor in when Privva scores the assessment.

Privva empowers your firm to select vendors that will protect your data as well as you do, all without the cumbersome undertaking of individually analyzing dozens of questionnaires. If you’re ready to upgrade your DDQs for optimal results, reach out today to see how Privva can help.

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