Could a third-party provider be the weak link in your institution’s operations? It’s possible, according to the Office of the Comptroller of the Currency’s (OCC) recently published Semiannual Risk Perspective. The OCC notes that operational risk remains “elevated” and specifically highlights several instances where third-party relationships are a potential source of operational risk. Cyber Risk […]
Banks and credit unions across the country are rejoicing at the passage of the Economic Growth, Regulatory Relief and Consumer Protection Act. This much-awaited law rolls back many provisions of the Dodd-Frank Act, reducing regulatory burden at some financial institutions. Now that some banks and credit unions can roll back compliance efforts in a few […]
When most bankers and credit union executives think of concentration risk, they think of lending—but concentration risk has a different meaning when talking about third-party vendor management. Regulators are looking at two main concerns: Over-reliance on a single vendor & geographic concentration.