Outsourced Third Party Risk Management – Vendor Management
Outsourced Third Party Risk Management, otherwise known as Vendor Management has been elevated to a top priority with the regulators.
Therefore, ensuring your Program is not only going to be effective but also meet with their expectations needs to be a priority for financial institutions.
When you outsource, you are placing your confidential customer information in someone else’s hands along with the control for the security of that information, but you still retain the responsibility for ensuring the integrity, confidentiality, and security of the information making this Program a crucial part of your overall Information and Cyber Security Program.
Demonstrating the importance of this Program, the OCC and the FRB both issued updated guidance relating to third party relationships in October and December of 2013, respectively while the FDIC reissued its Technology Outsourcing Informational Tools in April of 2014. Then on February 6, 2015, the FFIEC released an update to the Business Continuity Planning Handbook adding Appendix J: Strengthening the Resilience of Outsourced Technology Services. The update includes guidance on Third Party Management, Third Party Capacity, Testing with Third-Party Technology Service Providers, and Cyber Resilience.
Susan Orr has assisted numerous institutions with developing their Outsourced Third Party Risk Management Program and will share her insights into developing an effective program in this webinar.
- FFIEC agencies expectations for your Program
- The latest guidance:
- Appendix J of the FFIEC BCP Handbook
- Appendix D of the FFIEC Outsourced Technology Services Handbook
- FFIEC Supervision of Technology Service Providers, September 2012
- FDIC April 2014 Tools to Manage Technology Providers Informational Brochures
- OCC October 2013 Third Party Relationships
- FRB December 2013 Guidance on Managing Outsourcing Risk
- Classification and Risk Rating criteria
- Required Program elements and essentials
- Needs Assessment
- Due Diligence/Selection
- Risk Assessing
Senior Management, Information Security Officers, Compliance Officers, Risk Managers, IT Managers, Operations Managers.
Susan Orr is a leading financial services expert with vast regulatory, risk management, and security best practice knowledge and expertise.
As an auditor and consultant, Susan is dedicated to assisting financial institutions in implementing appropriate policies and controls to protect confidential information and comply with regulatory mandates and best practices. Her expertise as an auditor and former examiner provides her the knowledge and expertise to conduct comprehensive IT general control and data security reviews and assist de novo institutions in the vendor selection process, preparing policies and procedures, and instituting controls. She also consults for numerous security providers and vendors helping them align products and services to meet institution regulatory mandates. Susan is a Certified Information Systems Auditor (CISA), Certified Information Security Manager (CISM), Certified in Risk and Information Systems Control (CRISC), and Certified Risk Professional (CRP).
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
Live Webinar which includes 7 Day On-Demand - $265
Six Month On-Demand – $295
Live plus Six Month On-Demand – $365
CD-ROM (Includes Six Month On-Demand) – $325
Premier (Includes all options) – $395
Additional Locations – $75
Online: Click here.
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