Vendor Risk Management For Financial Institutions

This marcus evans event will address the critical questions in this space surrounding data accountability, vendor assessment process and optimal strategies to build a functional and efficient 3rd party management framework across the banks institution.

In the last five years financial institutions strived to cut costs and increase efficiency throughout their institutions. In a bid to do this, many have opted to outsource a number of their operations to third parties. This has been exacerbated by the opportunities to become even more efficient through the use of ‘newer’, digital technologies in this field such as IT, fintechs and robotics. With increased reliance on third parties and the changing nature of these parties, the task of understanding the risks that come with this new relationship is truly gaining in importance. Banks need to understand the types of vendors they are working with, the risks they are exposed to and what happens to the information shared. A question that becomes even more paramount with the onslaught of regulations in this space such as GDPR, PSD2 and he recent EBA draft guidelines on outsourcing.