Vendor Management Seminar - Virtual
Aug. 12 - 13, 2020
Community banks may outsource a service, but they cannot outsource the responsibility. In a financial environment wrought with strong enforcement actions, rising regulatory expectations, and massive data breaches, community banks must understand and manage a secure network of relationships to ensure customer data, bank transactions, business activity, and shareholders are protected.
Relationships with third-party vendors are commonplace and many provide a strategic advantage; however, the rewards aren’t without risk to financial institutions. Intense regulatory scrutiny and variations in third-party service application are challenging the risk management practices utilized by today’s community banks.
This seminar will assist community banks in navigating the critical considerations needed to effectively implement a sound vendor management program. Whether you are a seasoned risk management professional or new to your role, this program will highlight key efforts needed by all community banks to ensure prudent risk management, while also achieving bottom-line results.
Participants will examine the vendor management lifecycle and discuss:
- Effective strategies for vendor selection
- Evaluating risk associated with service providers
- Guidelines for structuring your vendor agreements
- Methods for monitoring and measuring success of your third-party vendors
Throughout the seminar, practical advice and guidance will be shared including:
- How to remove the guesswork related to employee responsibility and vendor management
- Key compliance considerations to monitor service provider relationships
- New policy, procedures, and retention strategies
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