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All financial institutions rely on third-party technology vendors to enhance operations and efficiency. Regulators agree that the board and senior management are responsible for managing the increased risk of outsourced technology. From due diligence to damage control, from contracts to constant oversight, your institution must have an effective system to identify, incorporate, and manage the many risks and opportunities offered by rapidly expanding technology.
Every time a critical vendor is used, you are handing over the keys to your kingdom. Some of the most sensitive borrower information, financial resources, and core business processes are entrusted to third-party vendors. If something goes wrong, your institution will be held accountable. Considering how much of your budget is allocated to vendors, you must ensure good performance, while satisfying increased examination scrutiny. From selecting the best available vendor, to identifying and correcting performance issues, this presentation will examine the practical and regulatory requirements for managing third-party tech relationships and the operational details of creating an effective vendor problem-resolution program.
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