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Managing Vendor Management and Assessing IT Risks Webinar


We rely on third party service providers and other financial institutions for products and services either to enhance the services performed in-house or to offer services that are otherwise not cost effective. Outsourcing comes with risks, which may be realized in a different manner than if the functions were in-house resulting in the need for controls designed to monitor such risks as loss of funds, loss of competitive advantage, damaged reputation, improper disclosure of information and regulatory action. The decision to outsource should fit into your bank’s overall strategic plan and corporate objectives.

Join us for this informative session where we will discuss the initial and ongoing due diligence and provide you with loads of tools to help guide you through the vendor management process.

What You’ll Learn

  • Understanding Regulatory Requirements- A review of FFIEC Guidance and GLBA 501(b) requirements for third party oversight
  • Details of New Interagency Guidance- A deep dive into the recent Interagency Guidance on Third-Party Relationships and the impact on how you manage risks associated with your third-party vendors
  • Identifying Critical Vendors – How to identify and establish your bank’s critical vendors and the due diligence process required for them
  • Developing a Vendor Risk Assessment- A review of a sample vendor risk assessment will be utilized to discuss risk factors and internal controls to mitigate vendor risks to your bank
  • Contract Review Components – Overview of what examiners expect to see in your vendor contracts and best practices for tracking contract terms and expiration dates
  • Ongoing Monitoring and Due Diligence – A thorough discussion of how to properly maintain up-to-date due diligence files and ensure your vendors are meeting the terms of their agreements

Who Should Attend
This informative session is designed for Risk Managers, Compliance Officers, Information Security Officers and any other individual responsible for vendor management due diligence.