The banking agencies have issued guidance on managing the risks of third-party relationships that will replace earlier guidance. Vendor management has been an important issue for a long time, but it is apparent that the expectations are increasing, no matter in what form the guidance is finalized. The rise of fintech companies and their participation in the banking industry has changed the landscape of risk in important ways, and financial institutions need to adapt.
In this webinar, we’ll discuss the guidance and what these new expectations are, and how to best improve your vendor management program to implement the changes and expectations. We’ll also go over the elements of a successful vendor management program in any institution, from vendor selection to monitoring.
What You’ll Learn
- New proposed third-party management guidance from the agencies – what to expect and what this tells us
- Managing relationships with financial technology (fintech) firms
- Developing and maintaining risk management policies and programs regarding third-party relationships
- Oversight of third-party activities
- Contract negotiation and management
- Ongoing monitoring
- Identification of significant vendor relationships – what does this mean and what are the covered activities?
- Vendors’ ability to comply with applicable law and regulations
Who Should Attend
This webinar is intended to anyone involved in the vendor management/third-party risk process, from compliance and risk management professionals, to counsel, management and even directors.