Vendor Due Diligence & Effective Vendor Management

Every time your institution engages a critical vendor, you are effectively handing over the keys to your kingdom, your data, your operations, your reputation, and often your regulatory standing. What could possibly go wrong? Unfortunately, the answer is just about everything.

Vendor management remains one of the most scrutinized operational risk areas for financial institutions. You increasingly rely on third parties for core processing, digital banking, cybersecurity, collections, compliance support, and accountholder services. At the same time, virtual operations, cloud platforms, fintech partnerships, and remote service models have dramatically expanded both the number of vendors and the risk exposure tied to each relationship.

From selecting the best available vendor to identifying and correcting performance issues, this presentation will examine the practical and regulatory requirements for managing third party relationships and the operational details of creating and maintaining an effective vendor management program.