Description
This course provides an overview of the risk considerations associated with the selection, engagement, oversight and termination of vendors (third-party providers) by a bank, and a perspective on the current regulatory expectations.
What You’ll Learn
After completing this course, students will be able to:
- Discuss why financial institutions use vendors and typical services provided
- Describe regulatory expectations for managing vendor risk and typical risk areas
- Describe the methodology for risk categorization
- Describe the following three stages in the vendor relationship life cycle:
- Vendor selection
- Ongoing oversight and management
- Termination and closure
- Identify vendor risk management documentation and recordkeeping requirement
