With financial institutions increasingly relying on third-party providers to offer their products and services comes increased risk. Starting with the core system, should you outsource it or keep it in-house? And following with the rest of all the banking products you offer to your business clients that depend on technology, how in depth should your due diligence be? In this educational session, the presenter provides best practices based on the FFIEC IT Examination Handbook to help you develop a simple yet comprehensive Vendor Management Program.
How Vendor Management Program fits in within Enterprise Risk Management
Vendor Management Program Components
Vendor Management Policy and Procedures
Vendor Due Diligence
The OCC SR Letter 11-7 – A Step by step explanation
Example of Model Risk Assessment
How to establish your own Model Risk Management Program