COVID-19 and Third-Party Risk Management Impact Survey

The survey was conducted by The Risk Management Association between May and June 2020. Most of the questions were multiple choice with opportunities to provide comments. Some questions were open text and designed to provide information, insight, and impact seen during the recent COVID-19 event in relation to third parties. 
 
A total of 46 responses was received, covering a wide range of financial institutions from four asset sizes: less than $20 billion; between $20 and $60 billion; between $60 and $250 billion; and over $250 billion, including community, regional, super-regional, money center banks, investment banks, insurance companies, and financial market utilities, headquartered in the United States, Canada, and Europe. 
 
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, FDIC, State, FINRA, and OSFI (Canada). 

The survey was intended to capture the current state of COVID-19 and its impact on third- party risk management practices. The following topics are addressed in the survey:

  • Impact to the Organization
  • COVID-19 Related Documentation
  • Third-Party Performance during COVID-19
  • Issues Related to Third Parties’ Employees Working from Home
  • Monitoring Changes as a Result of COVID-19
  • Risk Assessment Changes as a Result of COVID-19

Click here to download the executive summary (Member's Only).


For questions and comments, please contact Sylwia Czajkowska, Associate Director/OpRisk, RMA at 215-446-4071 or sczajkowska@rmahq.org.