Managing Third-Parties in the New Regulatory World
At CBA Live Bridgeforce presented to an audience of banking executives on third-party vendor management in the new regulatory world. For financial services, the regulatory and operational risk expectations continue to rise with regards to the use of third-party vendors. The new expectation is that first parties – such as a bank, credit union, or non-bank lender – will be held accountable for the actions of third-parties they contract with. This topic applies across all vendors a first party may engage with, however, the presentation at CBA Live was focused primarily on default management (collections & recovery), although the themes are easily ported to non-default related vendors. The topics this CBA Live presentation includes:
- Overview of the increasing regulatory expectations in third-party vendor management
- Discussion on the various types of vendor relationships and how their risk levels vary
- Best practices for effective vendor risk management
- Future industry implications based upon the current regulatory environment
Download the full conference presentation to learn more about third-party vendor management best practices, or, click here to watch the full conference presentation.