Ad hoc or formal structure? How do you manage your vendors? What risks are involved? Could you provide all services without them? What is senior management’s role? What do regulators expect? Do you know the best practices for these third-party relationships? You will after this webinar!
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Identify the key risks related to using third parties
- Categorize third-party relationships by risk
- Explain critical regulatory expectations regarding use of third parties
- Characterize management’s responsibilities when engaging vendors
- Develop or update your vendor management policy using provided materials
- Identify critical contract provisions for retaining third parties
- Understand key negotiation points on third-party contracts
Dealing with vendors is a necessary component of offering and providing financial services to individuals and businesses. From critical infrastructure and core processing, to sales and marketing, third-party risk management continues to be a focal point for state and federal regulators. Such heightened expectations demand a deliberate, yet flexible, process for engaging, onboarding, and monitoring third-party activities, especially for vendors that support critical activities.
This webinar will review the relevant regulatory guidance and expectations for engaging third parties to provide products or services to, or on behalf of, a financial institution. You’ll learn best practices for each stage of the relationship, from beginning to end, and actionable steps that can be taken during the process.
WHO SHOULD ATTEND?
This informative session is designed for senior management, including chief executive officers, chief financial officers, chief information officers, and chief compliance officers. In-house legal counsel, operations staff, and compliance personnel focused on third-party vendor risk management will also benefit.
- Sample vendor management policy
- Sample contract checklist
- Reference materials
- Employee training log
- Interactive quiz
SPEAKER: Joseph Silvia, Howard & Howard Attorneys PLLC
Joe Silvia is an attorney in the Chicago office of Howard & Howard Attorneys. His practice concentrates on the financial industry, including mergers, acquisitions, strategic transactions, general corporate matters, private equity, financial technology, and banking and consumer finance regulations. Joe advises clients and writes and speaks to industry groups on topics related to the corporate activities and supervision of financial institutions, including state and federal regulations regarding retail banking, third-party risk management, anti-money laundering, OFAC compliance, payments, blockchain, and digital currencies. Joe previously served as counsel to the Federal Reserve Bank of Chicago and is currently an Adjunct Professor of Law at Chicago-Kent College of Law where he teaches consumer banking law.