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.