Does your institution have processes in place to effectively manage third-party relationship risks? Does your risk management program cover critical activities for â€œsignificant bank functionsâ€ such as payments, clearing, settlements, and custody or significant shared services such as information technology? Can your risk management efforts protect your institution from a third party that fails to meet expectations or that could have significant negative customer impacts? What if a third-party relationship doesnâ€™t work out? What controls do you have ready to deal with a significant change in operations? You need to be prepared to answer these questions and many more because the OCC intends to review your program with their newly issued Supplemental Examination Procedures for Risk Management of Third-Party Relationships.
According to regulatory guidance, an effective third-party risk management process follows a continuous life cycle for all relationships including those where the institution serves as the service provider to others. Your process should cover everything from planning to due diligence and third-party selection as well as contract negotiations and ongoing monitoring and possible termination of relationships. You will also need oversight of the process and to designate those who will be accountable for managing third-party risks. The entire process must be documented with ongoing reporting and periodic independent reviews to ensure its working as intended.
Please join Gary Deutsch, CPA MBA, for this timely webinar that has been developed to help you prepare for examinations of your third-party risk management program.
WHAT YOUâ€™LL LEARN
During this important webinar, Gary Deutsch will discuss:
- Critical components of a third-party risk management program
- Identifying the risk issues that the regulators are concerned with in their examination program
- What you need to include in your contract negotiations that will help you to better manage ongoing risks
- Ways to prepare for a regulatory examination of your third-party risk management program
- When to involve your internal audit function in the exam preparation process
- AND MUCH MORE!
YOUR CONFERENCE LEADER
Your conference leader for "Preparing for Risk Management of Third-Party Relationships Examinationsâ€ is Gary Deutsch, president, BRT Publications LLC. Mr. Deutsch is a licensed CPA in Maryland and has a B.A. in accounting and an MBA in finance from Loyola University Maryland. He has also achieved the Certified Management Accountant, Certified Internal Auditor and Certified Bank Auditor designations. Mr. Deutsch is the founder and president of BRT Publications LLC. Mr. Deutsch has trained thousands of financial institution professionals in all aspects of risk management and has written numerous books in the U.S. and Europe on topics such as credit risk, internal audit and compliance with Generally Accepted Accounting Principles. Mr. Deutsch has extensive risk management and internal audit experience through his association with financial institutions of all sizes as well as through his role leading the KPMG financial institution consulting practice in the Mid-Atlantic region.