2021 RMA Internal Audit - Third-Party Risk Management On Demand

Third-party risk management is a persistent and current regulatory focus in recent years, with US financial services regulators including the SEC, FINRA and the FFIEC (including FDIC, FRB and OCC) issuing bulletins in recent years.  Tom Curry, former Comptroller of the Currency identified Third-Party key risks as: (1) the extent to which service providers are consolidating and leaving financial institutions more dependent upon a single vendor; (2) increased reliance on outside vendors, including foreign-based subcontractors, to support critical activities and the legal and regulatory implications of where data is stored or transmitted; and (3) the access third-parties have to large amounts of sensitive bank or customer data.  This, coupled with the reputational impact of privacy and cyber data breaches, means that third parties are introducing ever more risk to financial institutions.

The objectives of this webinar are to learn and understand the components and key risks of Third-Party Risk Management including:

• Third-Party Risk Assessments
• Criticality of Services Provided
• Due Diligence in Selecting a Third-Party
• Contract Structuring and Review
• Maturity of the Third-Party
• Cyber Breaches thru Third-Parties