2017 Mid-Tier Banks Third Party Risk Management Survey

The survey was conducted by The Risk Management Association (RMA) between June and August 2017. Most of the questions were multiple choice with opportunities to provide comments. Some questions were open text, designed to provide information and insight about best and current practices.

A total of 16 responses from mid-tier size banks were received, covering a range of asset sizes between $10-50 billion. This year, RMA decided to conduct separate surveys for mid-tier banks, large and regional banks, and community banks. 

Participating institutions were asked to provide their primary regulator for context and further analysis. As expected, all participating institutions are regulated by one or more of the following: OCC, FRB, and FDIC.

The following areas were addressed in the survey:

  1. Third-Party Risk Management Framework.
  2. Third-Party Selection and Monitoring Process.
  3. Critical Third-Parties and Critical Activities.
  4. Tools and Technology.
  5. Contracts.
  6. Regulatory and Compliance.
  7. Fourth Parties.

Some questions were repeated from the 2014 and 2015 baseline surveys. This will help financial services companies track their progress and evolution of practices. You may view a synopsis of the 2017 Mid-Tier Banks Third Party Risk Management Survey (PDF) by clicking on the aforementioned link.

For questions please contact Sylwia Czajkowska, Associate Director/OpRisk, (215)446-4071, sczajkowska@rmahq.org.