Third-Party Vendor Management
In this episode of Issues of Interest, Zach Porter speaks with Pat Morin about third-party vendor management for banks and financial institutions.
Pat outlines common reasons banks and financial institutions use third parties and how to monitor those third-parties and the related risks. He also discusses how to ensure third-parties provide the information needed for evaluation, and what your options are if you have concerns over the level of service or information provided by third-parties.
More information on the FDIC’s recent guidance on evaluating third-parties can be found here.
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Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, investment, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.
