Overview
Service Provider Diligence in DiligenceVault allows Responders to centrally track and manage service providers associated with their investment entities (Firm, Products) and add or validate service provider information upon request.
Service providers, such as administrators, custodians, prime brokers, or auditors, are critical to fund operations. This feature brings service provider data into DiligenceVault, reducing the need for manual tracking and improving transparency across manager relationships.
Key Benefits
- Centralized visibility into service providers across entities
- Reduced reliance on spreadsheets or external systems
- Clear tracking of service provider updates and validations
- Improved transparency and auditability of service provider information
What Is a Service Provider in DiligenceVault?
A service provider is an external firm that supports a fund or entity in one or more roles.
A single service provider may perform multiple roles. For example, acting as both an administrator and custodian.
Service providers are always linked to specific entities, ensuring that details are maintained in the correct operational context.
Creation of Service Providers
You can create a new service provider in DiligenceVault by going to:
New → Service Provider (Create Service Provider)
- Here, you have to add the name or website of the service provider you want to add
- Once added, you can either choose from a service provider from the list to add to your portfolio or add a new service provider
- Once added, enter other details like the Service Provider Type, Alias, or an Internal Key
- Since a single service provider can have multiple types, you can choose all the types associated with that service provider.
- Further details, like Primary and Secondary Owner, and Custom fields, can be added here as well
- Click on Next once done
Add Associated Entities
- You can now associate multiple entities for each type selected in the previous step.
- Click on Create Service Provider
Adding Service Provider Contacts
You can create a service provider contact in DiligenceVault by going to:
New → Contact → Service Provider
Select the service provider for whom you are adding the contact. Then choose the associated product or firm to link the contact to.
- Any contact added while updating a service provider association is automatically associated with that service provider.
- The associated service provider contacts will be visible under the Manage Contacts dashboard, along with the associated requestor contacts
Viewing and Managing Service Providers and Requests
You can access service provider information as follows in DiligenceVault:
Manage → Service Providers
This view provides a centralized grid showing all service providers across your entities. From here, you can:
- View active and inactive service providers
- Updated details of service providers linked with your firm or product
Track requests sent by Requestors
- The following grid will be visible on the next step
- Clicking the edit (pencil) icon will allow you to edit all the details added for each service provider association.
- Similar to other entities, each service provider has its own entity page where you can track activity and manage custom fields
- For each product, you can view its associated service provider, similar to other entities, and contact the associations
- Service providers associated with each entity, across all types, will be visible in the Associated Entities tab.
Tracking Your Incoming Requests
Under Manage > Service Providers, you will find a separate tab to track all the service provider creation requests you have received from the requestor firms.
- Requests remain visible until you complete the action
- Once service provider details are added or updated, the request is automatically removed from the list
This ensures clear visibility into outstanding and completed requests.
Service Provider Information Visibility
Service provider details provided by you, such as onboarding dates, review dates, and contacts, are visible to all requestors associated with the entity.
Inactivating Service Providers
To keep service provider information accurate, service providers can be marked inactive when they are no longer applicable.
- A service provider can be inactivated entirely or for a specific entity and role
- If an entity is marked inactive, all associated service providers are automatically deactivated
- To make any SP inactive, open it up click on the three dots at the top right corner and select Mark as Inactive from the dropdown
- Now, on the next page, add Relationship End Date, and Reason for Inactivating
- Finally, clicking the submit button will allow you to inactivate that particular service provider association.
Inactivating Service Providers in Bulk
In the same way as above we can also make service provider inactive in bulk for multiple entities the SP is assosiated with. To do so:
- Go to Manage > Service Provider
- Click on the edit icon beside the SP's name
- click on the checkbox beside the SPs, and then click on the Go to Profile option at the top right corner of the grid
- Click on the three dots at the top right corner and select Mark as Inactive from the dropdown
- Now select the firm types, Relationship End Date, and Reason for Inactivating to deactivate the assosiated SPs in bulk
Audit Trail and Change History
For governance and transparency, DiligenceVault maintains an audit trail for service provider activity.
To view the audit trail:
- Navigate to Entity → Associated Entities → Service Providers
- Click the Audit Trail icon in the Actions column
The audit trail displays changes made for the selected entity and service role, helping you track updates over time.
Summary
Service Provider Diligence enables requestors to maintain a centralized, transparent view of service providers across their entities while efficiently requesting updates from managers. By bringing service provider tracking into DiligenceVault, firms can reduce manual effort, improve data quality, and strengthen operational oversight.