Risk Management Guidance

Vendor Due Diligence

 

Regulatory bodies expect financial institutions to practice effective risk management regardless of whether they perform the activity internally or through a third party. According to the Bulletin of the OCC, an effective, third-party risk management process follows a continuous life cycle for all contractual relationships and incorporates the following phases:

  •       Planning
  •       Due diligence and Third-Party Selection
  •       Contract Negotiation
  •       Ongoing Monitoring
  •       Expiration/Termination

Related Asset - Whitepaper:
OCC-Risk Management Guidance on Third Party Relationships

OCC-Risk Management Guidance on Third Party Relationships - Download the PDF


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