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What do I need to ask when buying a Third Party Risk Management (TPRM) solution?

Third party risk management is a complex discipline, that combined with the scale, complexity, and change dynamics of any Global 2000 organization, can often lead to false starts with technology implementations.

It’s important to get enterprise software purchase decisions right – they are the fulcrum of successful third party risk programs for the business, they impact on the adoption and performance of many internal users across the enterprise, and they can have an impact on the careers of those selecting them.

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Topics: FCPA, risk and compliance, Anti-Bribery and Anti-Corruption, OCC, third party risk management, Data Security & Privacy, Registration & Qualification, Conflict Minerals, GDPR, General Data Protection Regulation, aravo, ABAC, risk mitigation, sustainable procurement, regulatory risk, tprm

State and Federal Financial Services Regulators Apply Focus on Cybersecurity and Third Party Relationships

In a sign of what may well be coming for all highly-regulated industries around the world, US financial services regulators are in the process of significantly enhancing their cybersecurity rules, including substantial new rules impacting third party relationships.

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Topics: OCC, Financial Services, Data Security & Privacy, fsr, information security, cybersecurity, fdic, privacy, fsscc, bits, federal reserve, bank

OCC BULLETIN 2017-7: The OCC's Supplemental Examinations Procedures for Third Party Relationships

Raising the Bar for Banks' Third Party Risk Management

On Jan 24 2017 the US Office of the Comptroller of the Currency issued Supplemental Examination Procedures for Third Party Relationships. These examination procedures are intended to supplement OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance,” issued October 30, 2013. The supplemental procedures promote consistency when examining national banks and federal savings associations' (collectively, banks) risk management of third-party relationships. These procedures expand on the core assessment contained in the “Community Bank Supervision,” “Large Bank Supervision,” and “Federal Branches and Agencies Supervision” booklets of the Comptroller’s Handbook.

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Topics: OCC, financial institutions, Third Party Management, Global 2000

Beyond Dodd-Frank: Reducing Regulatory Risks and Achieving Third-Party Compliance in Financial Institutions

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 might garner the most headlines, but it is hardly the only federal regulation deserving the attention of U.S. banks.

Two other federal regulations are increasing the pressure on banks and other financial institutions to monitor and manage third parties. A third party is any outside entity doing work for a bank, regardless of whether the third party is an individual, partnership, or corporation, and regardless of whether the work is done under contract or on a more casual basis.

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Topics: FCPA, OCC, CFPB