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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-05-08T15:48:00
Identifying critical measures for third-party risk management (TPRM) has become vitally important as risk professionals face an uphill battle in fighting for resources, experts discussed at Compliance Week’s National Conference in Washington, D.C.
Rodney Campbell, senior vice president, head of TPRM at Valley National Bank, said building a strategy is the first step in confronting risk. This can be done by realizing impact and activity.
“I thought I had a strategy at first, and it was a fragment of what needed to be done holistically,” he said, explaining that demonstrating impact can go a long way in justifying activity. Campbell added the board, senior management, and peers and colleagues need to understand what TPRM and enterprise risk management do—the what, how, and why.
Asha Palmer, senior vice president of global compliance solutions at digital learning software company Skillsoft, said TPRM can demonstrate value by having a clear strategy, breaking down silos, and not just doing something because it’s “best practices” or a regulatory agency said so.
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News and analysis for the well-informed compliance or audit exec.
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2024-05-06T15:29:00Z By Aaron Nicodemus
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency combined to provide guidance on third-party risk management focused on the unique risks faced by community banks in their third-party relationships.
2024-04-23T15:44:00Z By Ruth Prickett
Compliance failures in the supply chain are hampering organizations’ efforts to implement environmental, social, and governance initiatives and meet disclosure requirements, according to a new report by U.K. law firm Burges Salmon.
2023-11-15T20:20:00Z By Adrianne Appel
Taking risk mitigation further and understanding your third parties and their risks can create value for your organization, practitioners discussed as part of a panel at CW’s virtual TPRM and Oversight Summit.
2024-07-24T17:54:00Z By Neil Hodge
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
2024-07-15T16:45:00Z By Jeff Dale
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
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