Morgan Stanley's $100+ Million Vendor Management Mistake
Take a look at how deficient vendor management has come back to haunt Morgan Stanley to the tune of a $60 million fine from the OCC.
4 Reasons to Add Cyber Monitoring to Your Vendor Management Program
The insights cyber monitoring provides can help you learn more about your vendor’s cyber risk by giving you answers to questions
8 Vendor Management Practices Examiners Are Looking For
Third-party vendors play a critical role in compliance. Therefore, examiners are looking for 8 vendor management practices.
Vendor Management: Which ‘Friend’ Will Be There for You?
We thought we’d have a little fun with Friends by asking which Friend you’d hire for a vendor management role at your financial institution.
How to Lighten Your Vendor Management Workload
Here are the most effective ways to lighten your vendor management workload while still ensuring your vendors are properly managed.
How Should the 3 Lines of Defense Work in a Vendor Management Program?
The Three Lines of Defense helps banks, credit unions, mortgage companies and fintechs build and effectively manage the vendor management lifecycle
Is Your Vendor Prepared for Disaster?
Recent analysis conducted by the FDIC’s OIG finds that just half of vendor contracts it reviewed “explicitly included business continuity provisions.”
Vendor Due Diligence: Don't Make This SOC 2 Report Mistake
Make sure to engage in due diligence with your third-party vendor and avoid critical SOC 2 report mistakes.
Does Your Vendor Management Program Measure Up to the DOJ Expectations?
Every FI knows that regulatory agencies evaluate their vendor management program as part of the exam process. The Justice Department does too.
Third-Party Vendors & Compliance Risk: 10 High-Risk Compliance Situations
That’s the situation financial institutions face when a third-party vendor acting on behalf of the bank doesn’t comply with laws and regulations.
Are Your Vendors Flexible in a Crisis?
From the Paycheck Protection Program to mortgage forbearance, FIs have scrambled to adjust to new rules and help customers obtain much-needed funding.
3 Take-aways from the OCC Third-Party Vendors Relationship FAQ
The OCC released a Frequently Asked Questions (FAQ) supplement to OCC Bulletin 2013-29 that gives more clarity on regulations around third-party vendors.
How Not to Save Money on Vendor Management
Earlier this month Federal Reserve Governor Michelle Bowman announced that the Federal Reserve is working with the other supervisory agencies to update its
Are Vendors Your Biggest Obstacle to Fintech Adoption? It Might Not Be Their Fault
Once your FI has laid out its strategic goals, it needs to know if a vendor will have the products and services it needs to accomplish them.
When Customers Invite Third-Party Risk
In a world where consumers are often willing to trade privacy for convenience, even banking passwords are no longer sacrosanct.
Vendor Employees Gone Wild: Structuring Vendor Contracts to Guard Against Rogue Insiders & Cyber Threats
Capital One and its credit card applicants and customers are not having a good week.
3 Elements of a Vendor Cyber Monitoring Program
An FI’s vendor management program is part of its enterprise risk management. Vendor management can’t be done in a vacuum.
Another Vendor Behaving Badly: Failed Vendor Management Results in $236K+ Consent Order
Failing to engage in appropriate third-party vendor planning, due diligence, contract negotiations, and ongoing monitoring has bad results.
What to Do When You’re Worried About Your Vendor’s Finances
How do you know your vendor is in trouble and what can you do if it is? Read on to find out.
Brokered Deposits & Vendor Management
As the industry pushes for more flexibility to make it easier to work with deposit brokers, bankers can help make their case with strong vendor management.
3 Tips for Avoiding an Equifax-Style Breach
When one of the nation’s largest credit reporting companies reports a breach involving the private financial data of over 145 million Americans, people
Is Apple Pay a Vendor?
Apple Pay is not a direct vendor. This raises an interesting question. Should financial institutions (FI) using Apple Pay have to review Apple as a vendor?
NCUA Eyes Economic Environment, Change Management & Third-Party Risk With 2019 Supervisory Priorities
The NCUA has made adjustments to its Supervisory Priorities for 2019 - emphasizing controlling risks, including a new focus on third-party risk management.
What Is VMS
VMS stands for vendor management software. A VMS is an internet application that is designed to give organizations the tools they need to use
Vendor Risk Management
Vendor risk management is a process that aims to deal with the risks associated with working with vendors. This process begins when the company is first
Risk & Vendor Management: The Role of Committees vs. Departments
When it comes to risk and vendor management, both the board and management have specific roles to play, but where do committees and departments fit in?
OCC: Third-Party Providers Contribute to 'Elevated' Operational Risk
Could a third-party provider be the weak link in your institution’s operations? It’s possible, according to the Office of the OCC
"Deficient Vendor Management Practices" Result in $1.5 Million Fine
Missouri bank slapped with fines for what the OCC calls \"deficient vendor management practices.\" Here's what happened and how you can avoid similar fines
Warning Ahead: Many Vendor Contracts Are Missing Essential Internal Controls
The phrase “internal controls” is closely associated with accounting, but these valuable tools are also an integral part of risk management.