Vendor Due Diligence and Risk Management - Increased Regulatory Expectations

Program Description:

There are a myriad of issues to contend with when dealing with Vendor Management, and the regulatory agencies have increased expectations of financial institutions on how to deal with them. Have you done your due diligence?

Risk management is at the forefront of this type of analysis, and you must have processes in place to handle the risks your vendors and other outside third parties place on your institution. This session will explain what the risks are and how to formulate a plan to handle the required risk assessment and management process.

This 2-Hour Webinar Covers:

• Formulating a vendor management policy
• The various types of risk third party relationships present to your institution - 7 categories to consider
• What is a "significant third party relationship"?
• The 4 key parts to the risk management process:
  1. The risk assessment - measuring risk in third party relationships
  2. Due diligence in the vendor selection process
  3. Contract structuring and review
  4. Oversight
• Each party's duties and responsibilities
• Nondisclosure agreements (NDAs), and Privacy and Confidentiality Agreements
• Documenting the process - how should you record and maintain this?
• Information security
• Dispute resolution
• Regulatory expectations
• Disaster recovery and business continuity
• Third party audit standards and reports, including SAS70, SysTrust, and WebTrust

Who Should Attend:

Anyone involved in the third party selection, due diligence, relationship management, risk management, and/or information security areas of your financial institution will gain valuable insight and information into the vendor risk management process. In addition, compliance, legal, audit, and management personnel will benefit from this information.

Presenter:

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who works in Lending Compliance for a large financial institution in Ohio. Prior to this, Carl was a manager in the Finance & Performance Management service line for Accenture. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at dozens of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.