Feeling the Heat: Regulatory Pressure for Third-Party Management
Third-party management continues to be a top regulatory concern.
Take action now and improve your processes by exploring best practices for vendor management, third-party management and customer risk management.
In 2014, we saw new guidance from the OCC and Federal Reserve addressing third-party risk management programs. FFIEC Cybersecurity Assessments targeted financial institutions with deeper questioning around third-party management processes and posted a fair warning in their Cybersecurity Assessment General Observations document about risks associated to “External Dependency Management.” The FFIEC Cybersecurity Assessment Tool also targeted issues in third-party management programs used by financial institutions, as it relates to cybersecurity breaches in third-party relationships.
The FFIEC also coined the word “External Dependencies” in their Cybersecurity Observations and Cybersecurity Assessment Tool guidance. This expands requirements beyond vendors to any third party relationship, including your customers. We will explore best practices for vendor management, third-party risk management, and customer risk management.
Take action now and improve your processes by participating in our discussion of the following:
- Overview of industry breaches
- New regulatory expectations
- Risk Management practices for selecting new products/services
- Risk Management of existing relationships
- Integration of customers into management program
- Lessons learned from failed management programs
Senior management, IT officers, security officers, operations officers, risk managers, auditors and compliance officers.
Dr. Kevin Streff, Secure Banking Solutions (SBS) Dakota State University
- Spoken for many bank trade association conferences as keynote, performed education at FDIC University, and testified to congress on cyber security in financial institutions
- Former Director and current Associate Professor of DSU National Center of Excellence in Information Assurance
- Founder and President of Secure Banking Solutions
- Faculty member of the University of Wisconsin Graduate School of Banking
- Founder and past President of InfraGard-South Dakota
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