The FDIC’s most recent regulatory guidance on vendor management has three significant takeaways for community banks. We have developed this whitepaper to help banks understand the guidance and apply the lessons throughout their vendor management processes.
This recorded webinar showcases Ncontracts’ vendor management solution, Nvendor, an industry-leading platform that enables financial institutions to reduce compliance expenses, lower the risks associated with vendor relationships, and decrease vendor fees through a unique combination of software and services.
Self-help gurus tell us to name our fears in order to conquer them. This naming process helps us to understand why we are afraid and make us feel in control of the situation. Perhaps that’s why so many in financial services have embraced the term RegTech. Bankers and credit union executives frequently worry about falling […]
Many financial institutions view vendors as a necessary evil, but extending a little trust to vendors goes a long way towards building a bridge to success.
Not every third-party vendor requires the same level of scrutiny, the Consumer Financial Protection Bureau made clear in its October 31 guidance update on risk management for third-party service providers. Supervised banks and non-banks have the “flexibility” to perform an inherent risk assessment on the third-party vendors to “allow appropriate risk management” of these relationships, […]
If you build it, they will regulate it—but should they? That’s a question financial institutions should be asking as agencies like the Consumer Finance Protection Board (CFPB) and Office of the Comptroller of the Currency (OCC) jockey to regulate Fintech firms. On its surface, it may seem like the obvious answer is yes—that regulators should […]
There is such a thing as too little, too late—especially if you’re a bank that made the mistake of failing to oversee a vendor that didn’t deliver billed services to customers.
Keeping your vendor shortlist a secret may seem like a good idea, but protecting it only serves to limit your options as the buyer.
America’s armed forces protect our country—and the financial services industry is supposed to do the same for servicemembers, following laws and regulations to minimize financial worries while they’re busy serving their country. That includes financial institutions’ third-party vendors, as a recent speech by Grovetta Gardineer, the OCC’s senior deputy controller for compliance and community affairs, […]
Service-level agreements can be one of the most effective tools in a financial institution’s vendor management arsenal, but too many institutions make major mistakes when crafting SLAs. Here are the three biggest SLA mistakes and how to prevent them: Letting the vendor pick the measurements. Decide what’s important to your financial institution and set measurable, […]