Vendors are becoming a significant risk for your institution.
Community banks and credit unions are entering into third-party relationships at an accelerating pace to provide the tools that customers and members demand. Reliance on these vendors is increasing risk dramatically for financial institutions.
Federal regulators have increased their emphasis on the risks of agreements with third parties. You must assess and mitigate your institution’s vendor risks to avoid penalties, security breaches, negative publicity, accountholder defections, and financial losses. Specifically, it is essential to understand FIL-44-2008, OCC 2013-29, and subsequent guidance.
- What risks are associated with third-party relationships?
- What risk management process should you employ?
- How should you conduct due diligence of vendors?
- What risks should vendor contracts anticipate and include?
- How can you monitor third parties?
- What are the best techniques for assessing third-party risk?
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