COVID-19 and Third-Party Risk Management Impact Survey

RMA would like to invite you to participate in the "COVID-19 and Third-Party Risk Management Impact” survey. The deadline to participate is Friday, June 12, 2020.

As the pandemic evolves, RMA has been offering a series of bi-weekly calls to discuss challenges/best practices with the Third-Party Risk Management Steering Committee and round table members. The calls focused on how the pandemic has impacted third party risks and peer sharing among RMA members about how risks, issues, and concerns are being addressed. The design of the survey was created with help of members from the Third-Party Round Table. Special thanks to:

Christe Smith, Director, Third Party, Bank OZK
Linda Tuck Chapman, President, Ontala
Natalia Weems, AVP Vendor Management, Dollar Bank

The survey is intended to capture the current state of the COVID-19 Impact on third-party risk management. Each question should be answered using insight and impact seen during the recent COVID-19 event. It should take approximately 20 minutes to complete the survey. The following is addressed in the survey:

  • Impact to the Organization
  • COVID-19 Related Documentation
  • Third-Party Performance During COVID-19 Event
  • 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

The final report will summarize the participants’ responses, while masking the identity of each participant for the protection of the reporting institution. The writing of the final report will be completed by RMA. To ensure that you receive copy of the results (end of June), please make sure to provide your email address at the end of the survey. Based on the data captured, we will attempt to break down the results by asset size as well.

The invitations to complete this survey went out on 5/29/2020 to Third-Party Risk Management Round Table members as well as attendees from Third-Party Covid-19 calls. We are looking for one response per bank, so please coordinate internally as to the best person to complete the survey.

To receive a link to the survey and to learn if your institution has participated, please contact Sylwia Czajkowska, Associate Director/OpRisk, RMA at 215-446-4071 or sczajkowska@rmahq.org.