Implement an effective risk assessment plan and streamline the process
Recently, the Office of the Comptroller of the Currency (OCC) released an update to its governance ruling third-party risk management. This recent amendment cites that reviewing third-party relationships that are considered critical to bank services and operations now need to be done with more scrutiny.
As a result many banks have deployed enterprise-wide initiatives to ensure compliance with the new risk weighed model—ask yourself, do you know how to assess each unique vendor relationship to ultimately avoid audit?
Consult the following white paper to learn about the new OCC update to governance ruling. Uncover a solid footing on how to assess each vendor, calculate the risk management life cycle, and how you can successfully plan ahead for these changes.