Financial compliance attorney Timothy Dunfey will explain the wide gamut of risks that third-party relationships bring to financial institutions. You will learn how to update your risk management processes to monitor and constrain liability caused by vendors.
Topics Covered
- What risks are associated with third-party relationships?
- What risk management process should you employ?
- How should you conduct due diligence of vendors?
- What risks should vendor contracts anticipate and include?
- How can you monitor third parties?
- What are the best techniques for assessing third-party risk?
Scheduled for 60 minutes including question and answer period.
Training Overview
Vendors are becoming a significant risk for your institution.
Community banks and credit unions are entering into third-party relationships at an accelerating pace to provide the tools that customers and members demand. Reliance on these vendors is increasing risk dramatically for financial institutions.
Federal regulators have increased their emphasis on the risks of agreements with third parties. You must assess and mitigate your institution’s vendor risks to avoid penalties, security breaches, negative publicity, accountholder defections, and financial losses. Specifically, it is essential to understand FIL-44-2008, OCC 2013-29, and subsequent guidance.
- What risks are associated with third-party relationships?
- What risk management process should you employ?
- How should you conduct due diligence of vendors?
- What risks should vendor contracts anticipate and include?
- How can you monitor third parties?
- What are the best techniques for assessing third-party risk?
Who Should Attend?
- Chief compliance officers
- Compliance analysts
- Risk managers
- Compliance attorneys
- Financial institution managers
- Financial institution officers
Expert Presenter
Timothy Dunfey
- Financial crimes compliance attorney and consultant with over 20 years of experience in financial services management, sales, operations, and compliance
- Currently overseeing legal and compliance matters for a credit card company
- Previously Compliance Officer at Citibank, overseeing EDD for the highest risk customers, and Deputy BSA Officer at Great Florida Bank
- As a consultant with Promontory Financial Group, represented boards regarding regulatory deficiencies, managed numerous FCC improvement projects, and conducted audits and risk assessments across a wide variety of financial institutions
- J.D. degree