Philadelphia, PA (October 13, 2020) – A new
paper by The Risk Management Association (RMA) addresses the continuing risks
posed by third parties of financial institutions as the COVID-19 pandemic
evolves. “SARS-COV-2 Recommendations for Third Parties Working from Home and Returning
to Facilities” will help institutions of all sizes mitigate the risks introduced
by employees of third parties in these unprecedented times.
The paper offers detailed steps that allow financial
institutions to uncover and address possible concerns related to third parties
under four scenarios:
- employees working
from home.
- transitioning
from work-from-home to return-to-facilities.
- employees return
to facilities.
- employees revert
to work-from-home.
The RMA paper is an addendum to RMA’s "SARS-COV-2 Principles of Workforce Return to
Facilities," which addresses
the questions, scenarios, and challenges confronting financial institutions as
they transition work-from-home employees back to offices and branches.
“Just as financial institutions have taken great care in
transitioning their own employees to work-from-home and in planning their
returns to the office, they must also be mindful of how COVID-19 is amplifying
the risks regarding employees of third parties,” said RMA President and CEO
Nancy Foster. “The considerations and recommendations offered in this RMA paper
will help financial institutions manage the risk of a third party’s employees
at a time when it is higher than ever.”
To read RMA’s “SARS-COV-2 Recommendations for Third Parties
Working from Home and Returning to Facilities,” click here.
About RMA
Founded in 1914, The Risk Management Association is a
not-for-profit, member-driven professional association whose sole purpose is to
advance the use of sound risk management principles in the financial services
industry. RMA promotes an enterprise approach to risk management that focuses
on credit risk, market risk, and operational risk. Headquartered in
Philadelphia, Pennsylvania, RMA has 1,900 institutional members that include
banks of all sizes as well as nonbank financial institutions. They are
represented in the Association by 18,500 individuals located throughout North
America, Europe, Australia, and Asia/Pacific.
Media Contacts
Stephen Krasowski, skrasowski@rmahq.org, 215-446-4095
Frank Devlin, fdevlin@rmahq.org, 215-446-4137