Third-Party Risk Education

Since becoming one of the primary points of focus for the Consumer Financial Protection Bureau (CFPB), UDAAP has presented some concern to third party risk professionals. In this podcast we cover procedures and best practices to effectively manage UDAAP and your third parties.

With the increase in regulations and vendor oversight requirements, managing your vendors with a spreadsheet will prove to be very inefficient. Here are 7 reasons why spreadsheets will not cut it anymore, especially in 2019.

Creating a vendor risk assessment template, commonly known as a VRA questionnaire can be quite the daunting task. In today’s podcast, we will cover 5 tips and recommendations to help you build a solid foundation for your vendor risk assessment template.

This interview focuses on the role of vendor management in financial intuitions from a legal and regulatory perspective. Spencer Knibbe answers key questions about the specific pain points organizations are currently experiencing for third party risk management, which includes data aggregation, organizational consistency, reporting and cybersecurity.

For vendor management, there are three unique sets of documents that you're going to want to create and update. The first document you should focus on is writing a third party risk management policy. In today's podcast, we're going to cover steps that will assist you in getting starting writing an effective risk management policy.

There are 6 fundamental elements of a strong vendor management policy. In this podcast we are going to dive a little deeper into what each pillar means and some ways to incorporate these pillars into your third party risk policy.

Are you looking to expand your vendor management team in 2019? During today’s podcast we will discuss our top 5 recommendations to keep in mind while recruiting potential vendor management team candidates.

Vendor risk management is a complex job. It typically takes an individual who is meticulous in detail, thorough and patient to perform the job well. In today’s podcast, we’ll touch on some key attributes we’ve found in good vendor managers that should be continued in the new year.

Since we’re nearing the end of the year, it’s a good time to reflect on 2018 and some of the vendor risk management best practices we’ve found to be very helpful. Let’s cover 7 of the 2018 best practices that should continue to be performed in the new year. They range from engaging the first line of defense through continuing education.

This interview covers qualifications that are needed on a third party risk management team, why cybersecurity risk is something that you can never really defeat and the importance of your response plan, how you can outsource the activity but you can’t outsource the risk - third party risk management burdens will continue to only get more complex and thought provoking conundrum about the introducti...

As we wrap up 2018, it’s a good time to reflect on the year and some of the reasons we’re thankful for a well-developed vendor management program. Listen to this podcast to learn 10 reasons to be thankful for vendor management.

Listen to this interview with Brian Tate, President and CEO at Network Branded Prepaid Card Association (NBPCA) where he covers both a legal and industry perspective on third party risk, understanding the impact of fraud in third party risk management, how properly investing in third party risk management protects you and your organization, discussion regarding increased oversight at the state lev...

As you wrap up 2018, it’s a good idea to think about your process for reporting to the board. Whether it’s your regularly scheduled, perhaps quarterly meeting, or whether it’s your summation of all activities for an annual board report, third party risk management needs to be a part of the board’s regular activities. Listen to today’s podcast where we’re going to touch on our recommendations to be...

After an examiner pays you a visit and the report and recommendations are complete, it’s important to not only review the findings and recommendations but to also take follow-up action internally. Listen to this podcast where we discuss the five best practices you should be doing as a follow up to your exam.

BCP stands for business continuity planning. Business continuity is what you do to ensure that key operations, products and services continue to be delivered either in full OR at a predetermined, and accepted, level of availability. Today, most people would have this outlined as part of a service level agreement (or SLA). When you think of business continuity and your vendor, it covers things like...

Listen as we discuss seven vendor risk management expectations for 2019, what to focus on and tips for each. Topics include cybersecurity, increasing regulatory requirements, compliance concerns, the OCC fintech charter, changes in political landscape, GDPR and responding to change in general.

Listen to our exclusive interview with Ashley Kelley, VP of ERM at Atlanta Postal Credit Union, as part of our Thought Leadership Series where we talk with many of the industry's sought-after leaders to discuss third party risk management. Listen to this interview with Ashley Kelley for discussions on: A credit union expert's perspective on third party risk management overall Centralizing third pa...

A well-developed policy, program and procedure documents are all crucial to the success of an organization’s third party risk management department. Listen for some quick tips to help you develop, or revamp, your third party policy, program and procedures.

SOC reports differ based on what they cover, how the auditor performs the assessment and level of detail. This way, the vendor can avoid each client performing their own audit of the vendor’s system. Listen now to learn the differences between a SOC 1 and SOC 2 report and Type 1 and Type 2.

If done right, third party risk management is a strategic advantage. It’s an expense but also the best way to defend your company when risk is posed. In this podcast, we'll go through 10 reasons to consider your third party risk management department/program when budgeting for the upcoming year.

This interview covers an auditor's perspective on how organizations are addressing third party risk management, best practices for managing risk, addressing today's cybersecurity threats and risks, top areas of concern for a SOC audit report, the importance of your subservice vendors (aka your vendor's vendor or fourth party), pre-contract considerations, vendor oversight and how vendor risk manag...

When budgeting for the upcoming year, its a best practice to consider the costs associated with negotiating key contract terms and pricing. Listen as Venminder CFO, Mike Campbell, covers 5 vendor contract considerations for your 2019 budget.

Learn how FFIEC’s Appendix J relates to your vendor risk management program, four key elements of business continuity planning that you should address when contracting with a third party service provider and our recommendations to best incorporate Appendix J into your vendor risk management program.

As a fintech provider, your third party risk management process will become well-developed and more organized by following these 5 best practices. In turn, your clients will feel much more at ease when selecting you as their preferred vendor of choice to continue doing business with. It’s a win for both parties. Listen now.

We know that vendor vetting and ongoing monitoring are both important stages of the vendor lifecycle and due diligence process, however, why exactly is due diligence so important for vendor risk management? Listen to learn the top 5 reasons.