2018 - Reducing Risk in Third Party Relationships in the Financial Industry

OVERVIEW
Financial institutions (FI) often outsource banking functions to qualified third party service providers and software vendors. A third party relationship is any business arrangement between a bank and another entity, by contract or otherwise. This webinar provides assistance to FIs for assessing and managing risks associated with third party relationships. Regulators expect an FI to practice effective risk management regardless of whether the bank performs the activity internally or through a third party. An FI’s use of third parties does not diminish the responsibility of its Board of Directors and senior management to ensure that the banking function is performed in a safe and sound manner and in compliance with the FI’s policies and applicable laws.
Managing the third-parties is an integral aspect of the FI’s risk management function. The engagement, operation, oversight and termination of third party relationships require each FI to create and maintain a set of policies and procedures to address this risk. The framework for the policies and procedures is often provided by one of a number of federal agencies tasked with oversight of the financial industry. These agencies include, but are not limited to:
Federal Financial Institution Examination Council (FFIEC)
Federal Reserve System (FRB)
Federal Deposit Insurance Corporation (FDIC)
National Credit Union Administration (NCUA)
Office of the Comptroller of the Currency (OCC)
Consumer Financial Protection Bureau (CFPB)
Please note that the framework and principles that are presented in this webinar are appropriate for any organization that uses third party providers to conduct their business. Your business, despite not being an FI, will benefit from the webinar and can drive the policies and procedures that you will use to establish and maintain an effective relationship with your third-party partners.
WHY SHOULD YOU ATTEND
This Webinar will prepare your organization to incorporate the best practices that should drive the use of third-parties. Our audience will walk away with ideas on reducing risk in third-party relationships. An FI should adopt risk management processes commensurate with the level of risk and complexity of its third party relationships and should assure that comprehensive risk management and oversight of third party relationships involving critical activities reduce risk based on best practices.
As the number and complexity of relationships with third parties increases, the need for a consolidated approach towards the management and risk reduction of third parties becomes more important. The third party relationship may take many forms and address many of the FIs needs. Typically, cost controls are the reason for employing the third party. FIs may:
Outsource entire bank functions to third parties, such as tax, legal, audit, or information technology operations.
Outsource lines of business or products.
Rely on a single third party to perform multiple activities, often to such an extent that the third party becomes an integral component of the bank’s operations.
Work with third parties that engage directly with customers.
Contract with third parties that subcontract activities to other providers.
Work with a third party to address deficiencies in bank operations or compliance with laws or regulations.
AREAS COVERED
What’s a Third Party?
Third Party Risk Management Life Cycle
Plans that outline the FI’s strategy
Identify the inherent risks of the activity
Detail how the bank selects, assesses
Oversees the third party.
Proper due diligence in selecting a third party.
Written contracts that outline the rights and responsibilities of the FI and the third party
Ongoing monitoring of the third party’s activities and performance.
Contingency plans for terminating the relationship in an effective manner
Clear roles and responsibilities for overseeing and managing the relationship and risk management process.
Documentation and reporting that facilitates oversight, accountability, monitoring, and risk management.
Independent reviews that allow the FI’s management to determine that the bank’s process aligns with its strategy and effectively manages risks.
LEARNING OBJECTIVES
Become familiar with the framework that supports the use of third parties in the enterprise.
WHO WILL BENEFIT
This webinar will provide valuable guidance to all personnel in:
Executive positions
Compliance Management
Risk Management
Vendor management
Software development
Business managers that employ third party providers
SPEAKER
Marc Perl brings over 30 years of professional experience to Teknowlogy Associates. Marc's diverse experience includes risk management, payments processing, data security, product development, software development and software quality assurance. During 20 years at Visa, he was a key member of Visa's Risk Management team, where he developed and managed the compliance program for the Payment Card Industry Data Security Standard (PCI DSS) as part of the Cardholder Information Security Program (CISP).
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