Compliance solutions provider, Opus, recently announced the introduction of the Hiperos 3PM Banking Accelerator, a unique, pre-configured solution for third-party risk management.

The 3PM Banking Accelerator is designed to dramatically increase the speed, ease, and accuracy of risk assessing third-party relationships and has been designed specifically for financial institutions.

Global regulators expect banks to practice effective risk management, regardless of whether the institution performs an activity internally or relies on a third party. The Banking Accelerator provides nine pre-contract assessments, 10 post-contract assessments, and four additional due-diligence questionnaires to effectively manage the risks associated with each third party. A consistent framework highlights and evaluates risks, suggests controls, and facilitates efficient due diligence.

The 3PM Banking Accelerator allows banks to comply with the OCC 2013-29 Guidance and is flexible enough to accommodate current and future regulatory changes. The solution provides an immediate, consistent and complete view of all third-party risks and facilitates risk mitigation with automated risk-based controls. Multiple, configurable reports are available and an audit trail is accessible to all stakeholders and regulators.

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