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Through well-planned and managed outsourcing, financial institutions can reduce costs, improve quality, and focus more intently on their core business. On the other hand, ineffective management of key vendor relationships can lead to regulatory and reputational risks, as well as potential consumer harm. This 90-minute recording illustrates how to optimize your third-party and vendor management program and ensure those relationships aren’t exposing your institution to unknown risk.
Third-party management and its risks continue to be one of the most commonly cited issues for financial institutions. From September 2021’s proposed interagency guidance and the OCC’s laser-like focus on vendor management in 2022, regulators have increasingly raised expectations with respect to the prudent and effective management of the risks associated with vendor relationships. It is more important than ever to thoroughly understand the regulatory guidance regarding third party supplier risk and maintain an effective, compliant management program.
- Dive into the most critical elements of vendor management.
- Understand interagency proposed requirements associated with third parties and vendors.
- Build a better, more effective management process.
- Examine the lifecycle stages of a third-party relationship and the risks associated with each one.
- Find out how appropriate documentation and reporting can facilitate optimal oversight and accountability.
- Gain best practices for continuous monitoring and assessment.
This recording is designed for those working in compliance, risk, and vendor management. Those tasked with reviewing, negotiating, and reviewing contracts with third party vendors, will benefit from this program as well as those assigned to monitor, evaluate, report, and resolve issues regarding vendor performance.