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Reducing Risk in Third Party Relationships in the Financial Industry

Event Details

Reducing Risk in Third Party Relationships in the Financial Industry

Time: April 25, 2018 from 1pm to 2pm
Location: Training Doyens 26468 E Walker Dr,Aurora, Colorado
City/Town: Aurora
Website or Map: https://bit.ly/2GBheB3
Phone: +1-720-996-1616
Event Type: webinar, :, banking, and, financial, service
Organized By: Training Doyens
Latest Activity: Mar 29

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Event Description

OVERVIEW

Financial institutions (FI) often outsource banking functions to qualified third party service providers and software vendors. A third party relationship is any business arrangement between a bank and another entity, by contract or otherwise. This webinar provides assistance to FIs for assessing and managing risks associated with third party relationships. Regulators expect an FI to practice effective risk management regardless of whether the bank performs the activity internally or through a third party. An FI’s use of third parties does not diminish the responsibility of its Board of Directors and senior management to ensure that the banking function is performed in a safe and sound manner and in compliance with the FI’s policies and applicable laws.

WHY SHOULD YOU ATTEND

This Webinar will prepare your organization to incorporate the best practices that should drive the use of third-parties. Our audience will walk away with ideas on reducing risk in third-party relationships. An FI should adopt risk management processes commensurate with the level of risk and complexity of its third party relationships and should assure that comprehensive risk management and oversight of third party relationships involving critical activities reduce risk based on best practices.

AREAS COVERED

  • What’s a Third Party?
  • Third Party Risk Management Life Cycle
  • Plans that outline the FI’s strategy
    • Identify the inherent risks of the activity
    • Detail how the bank selects, assesses 
    • Oversees the third party.
  • Proper due diligence in selecting a third party.
  • Written contracts that outline the rights and responsibilities of the FI and the third party
  • Ongoing monitoring of the third party’s activities and performance.
  • Contingency plans for terminating the relationship in an effective manner
  • Clear roles and responsibilities for overseeing and managing the relationship and risk management process.
  • Documentation and reporting that facilitates oversight, accountability, monitoring, and risk management.

Independent reviews that allow the FI’s management to determine that the bank’s process aligns with its strategy and effectively manages risks.

LEARNING OBJECTIVES

Become familiar with the framework that supports the use of third parties in the enterprise.

WHO WILL BENEFIT

This webinar will provide valuable guidance to all personnel in: 

  • Executive positions
  • Compliance Management
  • Risk Management
  • Vendor management
  • Software development
  • Business managers that employ third party providers

For more detail please click on this below link:

https://bit.ly/2GBheB3

Email: support@trainingdoyens.com

Toll Free: +1-888-300-8494

Tel: +1-720-996-1616

Fax: +1-888-909-1882

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