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Compliance Risk: The risk that a third-party vendor will either knowingly or accidentally violate a law, regulation, rule or an institution’s own internal policies. Institutions should see that vendors: 1) Are aware of new and existing regs and have policies and procedures in place for implementation; 2) Have audit and control features that demonstrate their compliance; and 3) Maintain logs and practices for monitoring transactions for suspicious activity and compliance with others laws and regs.

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