Tue, Jan 9, 2018
Regulators have raised the bar for your Outsourced Third Party Relationship Management Program (Vendor Management) in recent years. Requirements are more stringent and expectations are high. Financial institution reliance on outsourced services continues to increase and the regulators are concerned that your internal procedures and risk management process may not be keeping pace with the level of risk and complexity of those relationships.
Risk management of your outsourced third parties is a key element of your overall information and cyber security program and a hot topic for examinations. Outsourcing places confidential customer information in someone else's hands along with control for the security of that information, but you still retain the responsibility for ensuring the integrity, confidentiality, and security of the information.
Join us for, "Outsourced Third Party Relationship Management: What You Need for a Compliant Program," on Tuesday, Feb. 20, 9:00 a.m. - 3:00 p.m. at the MD|DC Credit Union Association office in Columbia, Md.
Some of the key areas of the risk management program, which will be covered in the seminar, include:
- Planning to ensure the relationship aligns with the bank’s strategy
- Identification of the risk associated
- Performing due diligence in selecting a third party
- Proper contracts
- Ongoing monitoring of the activities and performance of the third party
- Establishing roles and responsibilities that encompass the life cycle
- Performing independent reviews of the risk management process
Tuesday, Feb. 20, 2018
9:00 a.m - 3:00 p.m.
MD|DC Credit Union Association
8975 Guilford Rd., Columbia, MD 21046