Tag: vendor management

Vendor Consolidation: What It Means for Vendor Management and Due Diligence

In a world where systems need to be able to communicate, many financial institutions are choosing to consolidate vendors, using…

Should You Outsource Vendor Management?

For years, financial institutions have outsourced a variety of activities to third-party vendors creating a new conundrum: Should we outsource…

Two Shocking Contract Management Mistakes That Cost Bankers Their Jobs

You probably think of vendor contract management as something that protects your institution. That’s true, but it does much more…

FS-ISAC: Third Parties “Still a Big Risk”

Financial institutions need to continue to pay close attention to third-party access points, control objectives, reporting, monitoring, and gap analysis…

Are Silos Stunting Your Risk Management Efforts?

When it comes to risk management, there’s a big difference between thorough and redundant. Thorough is a unified, top-down approach…

First, Second, Third, Fourth and Fifth Parties: How to Measure the Tiers of Risk

Everyone knows that third-party relationships introduce risk. But what about second parties, fourth parties and beyond? Let’s take a quick…

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…

Notifying Clients of Data Breaches: Which State Law Should We Follow?

Your financial institution is regulated by one state but has an office in another state. Which state’s law do you…

Should I Stay or Should I Go? Catch Third-Party Vendor Problems Before the Regulators Provide Notice of Violations

It looks like some Utah-based credit unions might be re-examining the risk of broker-dealer networking arrangements after the Utah Division…

How to Respond When a Vendor Gets Hacked

A vendor data breach is a nightmare for any bank or credit union. From the financial cost to the bad…