Description
Financial institutions often rely on outsourced vendors for mission-critical products and services and the banking regulators are very concerned that institutions may not be properly overseeing these relationships!
Vendor services range from loan and deposit processing to obtaining appraisals from appraisal management companies. Some of these vendors integrate directly with the institution’s transaction processing, while others are used in developing accounting estimates and decision-making processes. Since vendor operations cannot be controlled directly, institutions need to rely on third-party SSAE 16 audits to have some assurance that the vendor’s operations will not adversely affect the institution’s operations and financial results in compliance with regulatory guidance.
The risks of inadequate oversight can be significant – there can be insufficient vendor support, compliance gaps, and significant internal control weaknesses. Often these risks are hidden from institutions and only surface when it’s too late. That’s why the regulators are concerned about how you manage and monitor these relationships. Understanding how to use SSAE 16 reports will help you mitigate outsourced vendor relationship risks.
Benefits
Join me on January 7th for a webinar designed to assist you with using SSAE 16 reports as part of your risk management and internal audit efforts. Participate so you can:
• Identify when you need a vendor’s SSAE 16 report to comply with regulatory guidance
• Evaluate what type of report is needed – you may need more than one
• Recognize what to look for in the reports and how to use that information to mitigate risks
• Understand when changes to your operations may be warranted as a result of the reports
• Protect your institution from regulatory compliance risks
• Identify gaps in vendor due diligence
• Improve audit results
Who Should Attend
• Risk managers
• Internal auditors
• Managers responsible for vendor relationships