Description
Financial institutions rely upon third parties for a variety of services; however, the regulators are communicating that the financial services industry has a significant level of risk and exposure potential with each vendor contract. This timely webinar will address the advantages, disadvantages, and even a few myths about outsourcing.
Background
As the Board of Directors and senior management focus on recovery from the Great Recession, while managing costs, and dealing with depressed interest margins, a common option is cutting staffing expense and outsourcing.
Financial regulatory agencies, including the OCC, FDIC, Federal Reserve, and the Consumer Financial Protection Bureau, have steadily expanded their level of review, and if deemed necessary, regulatory enforcement focus on third-party relationships which may encompass undue risk to the institution.
Financial institutions rely upon third parties for a variety of services; however, the regulators are communicating that the financial services industry has a significant level of risk and exposure potential with each vendor contract.
Agenda
• Identification of critical focus areas to be addressed under a sound vendor management program
• Techniques to establish and maintain a vendor risk assessment process that is dynamic and flexible
• Approaches in the development or enhancement a vendor management program that demonstrate regulatory risk awareness
• Identifying, implementing, and utilizing a variety of analytical tools to support dynamic vendor management efforts
• Assessing audit and examination reports and related information that may impact vendor management
• Building focused monitoring efforts to target specific concerns
• Monitoring open-item exceptions and ascertain the direct line to significant exam problems
• Preparing proactively for the next examination by your primary regulator
• Remembering disaster recovery plans to provide adequate backup
Benefits
• Insights and tips on the process of deciding whether to outsource
• Techniques for seeking a vendor and selecting the right third-party
• Guidance for mapping the route from selection of a vendor to implementation and ongoing maintenance of a mutually agreeable working relationship
• Maintaining a safe and sound monitoring system of vendor performance
• Preparing an exit strategy.
Who Should Attend
• Management
• Board of Directors
• Compliance Officers
• C-level Executives
• Operations Managers