Third-party provider chief operating officer: how to stop repeating due diligence with every counterparty

Every bank and aggregator a provider connects to runs its own duplicate due diligence, draining time and resource that could go into building the business instead. A single accreditation and live risk score satisfies every counterparty at once, and that matters even more now that third-party oversight increasingly applies to providers directly, not just to the institutions they serve.

To cut duplication and meet direct oversight requirements at the same time, Chief Operating Officers (COOs) should structure their approach around two connected steps:

1. Prove trustworthiness once, not per counterparty: Use a single accreditation and live risk score to satisfy every bank and aggregator at once, rather than repeating the same underlying evidence through each counterparty's separate process.
2. Extend the same evidence trail down your own chain: Demonstrate your own governance once rather than proving it separately to each counterparty, and apply the same accreditation and evidence base to your own processors and sub-processors, whichever market's third-party oversight rules you answer to.

About Invela

Invela is the infrastructure layer that makes open finance trustworthy – accrediting who's in the network, monitoring risk in real time, and ensuring liability lands in the right place. Open finance, covered.