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Vendor Management Program: How Model Risk Fits In Webinar

August 5, 2024 1:30 pm - 3:30 pm

Starting with the core system and following with all the banking products you offer to your clients that depend on technology, how in-depth should your due diligence be?

Along with Vendor Management, which includes all the third-party providers of systems and software, comes yet another risk – Model Risk. This session will explain step by step the OCC SR Letter 11-7 following their guidance on Model Risk Management. You will walk away with a clearer understanding of where Vendor Management and Model Risk Management fit within your ERM program.

The session will cover best practices to help you develop a simple, yet comprehensive Vendor Management Program and a Model Risk Management Program based on the speaker’s experience, the FFIEC IT Examination Handbook, and OCC’s guidance on Model Risk Management.

What You’ll Learn

  • How Vendor Management Programs fit within Enterprise Risk Management
  • Vendor Management Program Components
  • Vendor Management Policy and Procedures
  • Vendor Due Diligence
  • Example of Vendor Risk Assessment
  • Monitoring and Reporting Assessment Results
  • Definition of Model Risk and How it Applies to Your Institution
  • The OCC SR Letter 11-7 – A Step-by-Step Explanation
  • Examples of Model Risk – How it Affects Your Institution
  • Example of Model Risk Assessment
  • How to Establish Your Own Model Risk Management Program

Who Should Attend
Vendor Management Program Managers, Chief Risk Officers, Risk Managers/Leaders, Chief Credit Officers, Chief Financial Officers, Compliance Officers, Internal Auditors, IT personnel, and Presidents involved in the risk management process and their ERM program will benefit from this session.