2015 RMA Third-Party-Vendor Risk Management Survey

The survey was conducted by The Risk Management Association between August and October 2015. Most of the questions were multiple choice with many opportunities to provide comments. Some questions were open text, designed to provide information and insight about best and current practices. RMA would like to thank MetricStream for sponsoring this survey.

A total of 80 responses were received covering a wide range of types of financial institutions from four asset sizes: less than $10 billion, between $10 and $50 billion, $50 to $100 billion and over $100 billion, including community, regional, super-regional and money center banks, investment banks and insurance companies, and Financial Market Utilities headquartered in the United States, Canada, and Europe. These groupings will enable further analysis by asset size and subject matter for input into future articles in the RMA Journal. Please click this link for the executive summary (PDF).

The following areas were addressed in this year’s survey:

  1. Program Scope, Design and Maturity
  2. Key Stakeholder Roles and Responsibilities
  3. Technology and Workload Management
  4. Regulatory Criticism
  5. Insight and Advice

Details from 2014 Third-Party/Vendor Risk Management Survey may be found  if you click here. 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.

Institutions that participated in the survey:

 Anonymous (3)  Amarillo National Bank
 American Savings Bank  Bank of America
 Bank of the West  BB&T 
 BBVA Compass Bank  Bank of Montreal
 Beneficial Bank  Bremer Bank
 Broadway National Bank  Brookline Bancorp
 Capital One  CenterState Bank
 Charles Schwab & Company, Inc.  Chemung Canal Trust Company
 Citizens Bank  City National Bank
 Colorado Federal Savings Bank  Commonwealth Bank
 Community Bank N.A.  CommunityOne Bank, N.A.
 Core Bank  CoreFirst Bank & Trust
 Depository Trust & Clearing Corporation  Discover Financial Services
 East River Bank   Fidelity Bank
 Fidelity Bank of Florida  Fifth Third Bank
 First Busey Corporation  First Community Bank N.A.
 First Federal Lakewood  First Federal Savings Bank
 First Horizon National Corporation/First Tennessee Bank N.A.  First National Bank & Trust Company
 First National Bank of Omaha   First Niagara Bank
 First Virginia Community Bank  Freedom Bank
 GE Capital  HSBC
 Huntington National Bank  Investar Bank
 John Deere Financial   M&T Bank
 Mechanics Savings Bank  MetaBank
 Middleburg Bank  National Bank of Canada
 Newtown Savings Bank  North American Savings Bank
 North Middlesex Savings Bank  Nuveen Investments, Inc.
 OneWest Bank N.A.  Parkside Financial Bank & Trust
 Park Sterling Bank  Pittsfield Co-Operative Bank
 Phoenixville Federal Bank & Trust  PNC
 Progressive Savings Bank  RBC
 Santander U.S Holding Co.  Savings Bank of Mendocino County
 Scotiabank  Scottrade Financial Services, Inc.
 State Bank of Cross Plains  State Street
 Stearns Bank, N.A.  Stifel
 TD Bank  The Bancorp
 The Home Savings and Loan Company  U.S. Bancorp
 Univest Corporation of Pennsylvania  Wells Fargo
 Whitney Bank  Zions Bancorporation