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Transaction Risk: Risk that a third party will fail to provide products and services as expected, adversely impacting the institution or its customers. Transaction risk focuses on contingency planning. Transaction risk management is best accomplished by addressing the following areas with vendors: 1) planning; 2) threat management; 3) recovery; 4) data protection; 5) incident response; and 6) subcontractors.

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NGAGE 2019
COAST TO COAST
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