Vendor Risk Management: Strength in Warning, Part Three
Report Summary
Vendor Risk Management: Strength in Warning, Part Three
A strong risk culture mitigates financial institutions' vendor risks.
Boston, August 13, 2014 – So the vendor is onboarded: Now what? Ongoing vendor oversight is getting much buzz from the regulatory community, but a lack of specific regulatory guidance leaves the parameters of the program somewhat open ended. A vendor oversight initiative relies upon vendor risk management teams' ongoing risk assessments and the business relationship managers who are responsible for the day-to-day interaction with the vendor. With both teams dependent upon one another for success, what are the specific ways they can develop an ongoing vendor oversight program that protects their firm from third-party risks?
This Aite Group Impact Report, based on a mid-January to mid-April 2014 online survey of 26 global financial services firms, benchmarks vendor risk management practices in the financial services industry and focuses specifically on VRM's ongoing vendor oversight. It is the third in a series of three reports on VRM—find the first here and the second here.
This 22-page Impact Report contains 10 figures. Clients of Aite Group's Insurance, Institutional Securities & Investments, Retail Banking & Payments, Wealth Management, or Wholesale Banking & Payments services can download this report.