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Over the last ten years, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of Comptroller of the Currency, and the Federal Financial Institutions Council have each issued guidance regarding third-party vendor or supplier risk management. With continued advances in and reliance on technology, as well as increased cyber security challenges and reputational impacts, regulators have enhanced their scrutiny of banks’ third-party vendor relationships and the programs, policies, procedures implemented by banks to manage the risks and performance associated with such relationships.
As technologies evolve and advance, and as financial institutions continue to rely heavily on third party vendors and suppliers to provide such technologies, banking regulators have increasingly added compliance requirements and raised expectations with respect to the prudent and effective management of the risks associated with third party supplier relationships. Critical events like data breaches and cyber security shortfalls can lead to immediate and serious regulatory, financial, and reputational impacts. Moreover, issues like operational disruptions, glitches/bugs, and even just sub-optimal service and/or performance can be more problematic than ever, given the influence of social media and banking regulators’ ongoing interest in and scrutiny over customer complaints. For all of these reasons, financial institutions should thoroughly understand the regulatory guidance regarding third party supplier risk and maintain a compliant and effective supplier risk management program.
Upon completion of this two-hour recording you’ll understand:
- Regulatory requirements and expectations regarding vendor risk management;
- Identification of critical activities and risks associated with outsourced activities;
- Vendor due diligence concepts;
- Key contractual provisions in vendor agreements;
- Compliance impacts and responsibilities under outsourcing arrangements;
- Considerations for structuring vendor risk management programs and processes;
- Board and executive management responsibilities related to vendor agreements; and
- Managing a vendor relationships under collaboration arrangements.
The recording is designed for Senior Management, Deposit and Loan Operations, Compliance, Information Technology, and Facilities Management officers and employees who have responsibilities with respect to choosing third party vendors and managing vendor relationships. Personnel who will benefit from the program include those tasked with reviewing, negotiating, and reviewing contracts with third party vendors, as well as those assigned to monitor, evaluate, report, and resolve issues regarding vendor performance.