This RMA survey was conducted in association with MetricStream between June and August 2014.This survey was intended to capture the range of practices in Third- Party/Vendor Risk Management over a cross section of RMA member institutions, and to gather detailed information on some of the key challenges that banks and other financial institutions are facing. The questions in the survey were grouped into eight areas:
- Vendor management framework.
- Vendor selection and monitoring process.
- Critical vendors and critical activities.
- Fourth-party suppliers.
- Tools and techniques.
- Contracts.
- Reporting.
- Regulatory and compliance.
A total of 114 responses were received covering a wide range of asset sizes and types of financial institutions, including community, regional, super-regional and money center banks, investment banks and insurance companies, headquartered in the United States, Canada, and Europe. Please click this link for the executive summary (PDF).
Deliverables
Institutions interested in participating in future operational risk studies should contact Sylwia Czajkowska, Associate Director, Operational Risk at 215-446-4071 at sczajkowska@rmahq.org or Edward J. DeMarco, Jr, Director, Operational Risk at 215-446-4052 or at edemarco@rmahq.org
Participating Institutions
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Adirondack Bank
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Amarillo National Bank
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American West Bank
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Bank of New Hampshire
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BB&T
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BMO Financial Group
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BOKF, NA
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Broadway National Bank
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Capital One
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CenterState Bank
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Charles Schwab & Co., Inc.
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CIBC
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Citizens Bank
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City National Bank
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Columbia Bank
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Commerce Bank
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Community National Bank
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CommunityOne Bank, N.A.
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Delta Bank, N.A.
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EverBank
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Farmers and Merchants Trust Company
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Federal Home Loan Bank of Pittsburgh
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First Commonwealth Bank
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First Federal Lakewood
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First Horizon National Corporation
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First National Bank of Omaha
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Fox Chase Bank
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Great Western Bank
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Home Savings and Loan Company
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HSBC
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Huntington National Bank
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Jefferies LLC
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LegacyTexas Bank
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Manufacturers Bank
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MidCountry Financial
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North American Savings Bank
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NYCB
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Pacific Mercantile Bank
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Park Sterling Bank
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PENSCO Trust Company
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PNC Bank
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RBS
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Revere Bank
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S&T Bank
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State Farm Bank
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Susquehanna Bancshares Inc.
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AIG
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Amboy Bank
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Bank of America
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Bank of the West
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BBVA Compass
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BOFI Federal Bank
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Bremer Bank
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Brookline Bancorp
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CapStar Bank
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Central Pacific Bank
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Chemung Canal Trust
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CIT
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Citizens Banking Company
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CoBank, ACB
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Comerica Bank
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Community Bank NA
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Community Resource Bank
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Credit Agricole CIB
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Discover Financial Services
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Farmers & Merchants Bank of Long Beach
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Federal Home Loan Bank of Chicago
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Fidelity Homestead
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First Farmers and Merchants Bank
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First Guaranty Bank
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First Midwest Bank
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First Niagara
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FIS Global
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Goldman Sachs
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Hanmi Bank
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Home State Bank, N.A.
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Hudson City Savings Bank
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Iberia Bank
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KeyBank
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MainSource Bank
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Meridian Bank, N.A.
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MUFG-Union Bank
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OneWest Bank
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Park National Bank
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Peapack-Gladstone Bank
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People's United Bank
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QNB
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Republic Bank & Trust
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