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cloud risk

Cloudy with a Chance of Data Loss

Perhaps there’s no buzz word more confusing to bankers and credit union executives than the “cloud.” It evokes an ethereal image of data floating safely and serenely overhead, able to materialize on screen with the press of a button. But the cloud is a place on earth. Actually, many places on earth.

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transaction risk

When Natural Disasters Become Customer Relationship Disasters

Customers don’t want to hear that a data center across the country flooded, a cyberattack overwhelmed systems or a piece of equipment failed. In their eyes, it’s your fault. Regulators feel that way too. That’s why transaction risk is one of the 10 biggest vendor management risks facing financial institutions.

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concentration risk

What is Concentration Risk – And What Does My Regulator Have to Say About It?

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.

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country risk

Country Risk – Why It Pays to Choose Domestic Service Providers

If you think it’s tricky to keep track of the rules and regulations of your regulatory agency, imagine having to follow the legal, regulatory and operational requirements of foreign countries. That’s exactly what needs to happen if a vendor is conducting any segment of your business in another country. Country risk is “an exposure to economic, social, and political conditions in a foreign country that could adversely affect a vendor's ability to meet its service level requirements,” according to the FFIEC’s Appendix C: Foreign-Based Third-Party Service Providers.

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strategic risk

Planning to Fail or Failing to Plan – Strategic Risk

Strategic risk is the possibility that a company doesn’t make decisions that support its long-term goals. Companies that aren’t managed well and make poor strategic decisions may provide sub-par products or services or even close shop.

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reputation risk

Assess Vendor Reputation Risk – Before You Have to Rebuild Yours

Ben Franklin once wrote that “Glass, china and reputation are easily cracked, and never well mended.” Reputational risk is present any time a vendor enters the picture, so it makes sense to spend the necessary time and resources to choose only those vendors who have proven to be trusted and valuable partners.

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credit risk

Credit Risk – You’ll Take the Blame If Your Vendor Doesn’t Have the Credit

Credit risk is the strength and ability of a company to manage debt and stay in business to ensure continued operations. Credit risk is a real concern. A financial institution that partners with a financially unsound vendor may find itself suddenly cut off from a critical product or service if that firm goes under—drawing the wrath of regulators and customers. Join us as we explore credit risk, one of the Top 10 Risks Third-party Vendors Pose to Financial Institutions.

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NGAGE 2019
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