Is vendor management taking an inordinate amount of time and personnel at your bank?
Are you tying up your CFO or senior lender with financial reviews of the bank’s technology service providers?
Did you buy an automated system that was supposed to make this task easier, but now you find yourself feeding this vampire-of-a-system that requires expensive resources that could be deployed elsewhere?
Last month, the FDIC, FRB, and OCC collectively issued their final interagency guidance on managing risks associated with third-party relationships. The principles detailed in the new guidance replace each agency’s existing guidance on the topic, giving a more consistent regulatory approach to managing the risks associated with third-party relationships. If the team at your bank is struggling to find enough time and resources to devote to your vendor management program and address the recommendations in the latest guidance, our RiskRaptor Vendor Management Program can help.
Features and Benefits: The 14-point RiskRaptor Vendor Management Program is designed to provide oversight of your bank’s critical vendors in accordance with current banking laws, regulations, and guidelines. It allows your management team to establish sound business practices for vendor evaluation, selection, and management. Our team of experts facilitates the annual reviews and assessments required by regulatory agencies, taking the burden off your personnel. As part of the RiskRaptor Vendor Management Program, we facilitate Vendor Financial Reviews, SOC Report Reviews, Vendor Management Risk Assessments, and Contingency Vendor Identification in a practical and professional manner, with solid documentation suitable for presentation to your board. We also include regulatory guidance on vendor management as a volume within the program so that applicable laws, regulations, and guidelines can be easily referenced.
Click here for more information on what makes the RiskRaptor Vendor Management Program different from all the rest or click here to request a proposal online!