Course Summary:
In this webinar, we'll discuss the final guidance, what these new expectations are, and how to best improve your vendor management program. We'll also review the latest developments and specific issues, and go over the elements of a successful vendor management program in any institution, from vendor selection to monitoring.
Course Details:
The agencies last year issued revised final guidance on managing the risks of third-party relationships that will replace existing guidance, and they have issued a few updates on specific issues since then.
This reflects the fact that vendor management has been an important issue for a long time, but it is apparent that expectations are increasing. The rise of fintech companies and their participation in the industry has changed the landscape of risk in important ways, and financial institutions need to adapt.
What You'll Learn:- Final third-party management guidance from the agencies - what to expect and what this tells us
- Updates, including recent guidance on risks of arrangements with third parties to deliver deposit products and services
- Managing relationships with financial technology (fintech) firms, including a recent Request for Information and Comment from the regulatory agencies
- Developing and maintaining risk management policies and programs regarding third-party relationships
- How this relates to AI and models
- Oversight of third-party activities
- Contract negotiation and management
- Ongoing monitoring
- Identification of significant vendor relationships - what does this mean and what are the covered activities?
- Vendors' ability to comply with applicable law and regulations
Continuing Education Credits:
Click the 'Credits' tab above for information on PHR/SPHR, PDCs, and other CE credits offered by taking this course.
