New York, USA

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Event Date Thu Nov 15 EST - Fri Nov 16 EST (about 3 years ago)
Location New York, USA
Region Americas

This two-day seminar will cover all aspects of the risk management process and regulatory requirements related to third-party relationships. According to the Office of Comptroller of the Currency (OCC): “Banks continue to increase the number and complexity of relationships with both foreign and domestic third parties.” The same can be said about virtually any financial institution in the world as competition forces them to look at innovative ways to reduce cost and better serve their clients.

Vendor risk management is an important component of a financial institution’s operational risk management program. Financial institutions are accountable for the actions of their vendors and outsourcing partners and, in most cases, will suffer the financial and reputational consequences of their shortcomings. Additionally, in the aftermath of the financial crisis, regulatory scrutiny has reached beyond financial institutions, to the vendors that support them.

A sound vendor risk management program, including careful planning, due diligence and selection, and close oversight and monitoring during the life of the contract, is necessary to reduce the risks posed by the outsourcing of critical functions.

At the end of this program you will understand the lifecycle of a vendor relationship and be proficient in a methodology that addresses all financial and operational third-party risks and complies with current regulatory requirements. Applying this methodology, you should be able to identify and assess the risks inherent in the use of third parties, evaluate the effectiveness of controls and determine if the residual risk is within the company’s approved risk appetite.