Today, banks and other financial services providers have increasingly complex relationships with third parties both at home and abroad. As outsourcing of key functions, sales and customer relations expand, and third parties themselves turn more to the use of sub-contractors, the risks presented become more challenging to manage.
While recent third-party management guidance from the OCC and Federal Reserve has provided considerations for more comprehensive and standardized management capabilities, it remains a critical task for companies to define and operate their own approaches to third party management that can support, rather than detract from, their own business objectives.
In today's business environment, it is essential to establish an integrated technology-based management system can establish effective control throughout the third-party lifecycle. In our latest installment of the GRC Illustrated Series, we look at how to manage the third-party relationship life cycle in a holistic fashion, from initial risk assessment through management of contract terminations.
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