The financial services landscape continues to experience rapid change and transformation with each passing day. This brave new world order means innovation, disruption and modernization across several areas in the industry. Key industry initiatives are centered around open banking, digitization, mobile payments, virtual currencies, data and regulatory compliance. Legacy financial technology providers are being challenged and in some cases being replaced by new market participants. New partnership models between banks and non-banks seeking to meet customer expectations around convenience, accessibility and technological advancements continue to drive the need to enhance an organization’s third-party risk management program.
This topic of third-party risk management will help persons responsible for working with external vendors and service providers to better understand the changing landscape and learn ways to manage the risk this may present. Failure to effectively manage a third-party relationship can expose businesses to strategic, reputational and operational risks to name a few.
Best Practices in Third- Party Risk Management
The Risk Management Lifecycle
Key Elements of an Effective TPRM Program
Due Diligence and Onboarding
Performance and Ongoing Monitoring
New Regulations and Industry Initiatives and Their Impact on Third Party