New Third-Party Vendor Risk Management Guidance

Financial institutions routinely rely on third parties for a range of products, services, and other activities. The use of third parties can offer significant benefits, such as quicker and more efficient access to technologies, human capital, delivery channels, products, services, and markets. Because outsourcing comes with risks which may be different than if the functions are provided in-house, there is a need for controls designed to monitor them. This informative session will dive into the recent Interagency Guidance on Third-Party Relationships: Risk Management and detail how it can be incorporated into your current third-party risk management program. Join us to learn best practices for the initial and ongoing due diligence process and walk away with loads of tools to guide you through the third-party risk management process.