Community banks may outsource a service, but they cannot outsource the responsibility. In a financial environment wrought with strong enforcement actions, rising regulatory expectations, and massive data breaches, community banks must understand and manage a secure network of relationships to ensure customer data, bank transactions, business activity, and shareholders are protected.
Relationships with third-party vendors are commonplace and many provide a strategic advantage; however, the rewards aren’t without risk to financial institutions. Intense regulatory scrutiny and variations in third-party service application are challenging the risk management practices utilized by today’s community banks.
Participants will examine the vendor management lifecycle and discuss:
Effective strategies for vendor selection
Evaluating risk associated with service providers
Guidelines for structuring your vendor agreements
Methods for monitoring and measuring success of your third-party vendors
Throughout the seminar, practical advice and guidance will be shared including:
How to remove the guesswork related to employee responsibility and vendor management
Key compliance considerations to monitor service provider relationships
New policy, procedures, and retention strategies
