Third-Party Risk Management: How Banks Can Minimize Risk and Maximize Opportunity

Comprehensive Third-Party Risk Management for Banks: From Vendor Selection to Compliance

In today's banking world, strong market recognition and local knowledge are no longer enough. Customers now expect a full range of products and services, and the CFPB’s new 'open banking' rule will accelerate this process. To stay competitive, community banks must expand alliances with FinTechs and other third-party providers, which poses financial, regulatory, and management challenges.

Regulations require due diligence, contract adherence, vendor monitoring, and compliance with consumer protection laws. While this reliance has many upsides, some risks should be recognized and managed.

This webinar reviews current federal regulatory requirements and offers practical, step-by-step guidance for successfully choosing and managing your third-party service providers.

• What is a third party and what services do they offer?
• How do we design and implement a third-party risk management strategy?
• What is a sample third-party service provider policy?
• How do we identify specific third-party risks?
• What are practical strategies for managing third-party service providers?
• What are the important contract terms?
• How is contract administration handled?
• When does it become necessary to terminate a third-party service provider?
• How do you create the right governance practices over third parties?
• How should you conduct your initial and annual due diligence?
• What is a 7-step practical approach to great third-party management?
• What are the third-party regulatory requirements for financial services?

You will receive examples of third-party risk assessments, report cards, dashboards, and board
reporting to ensure your in-house management process is complete and up-to-date