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The FFIEC agencies require financial institutions to develop a written program to manage their outsourced relationships beginning with an assessment to determine the need for the product or service and alignment with the institution’s business objectives. Following this phase, institutions are expected to conduct due diligence on the vendor/provider. This due diligence should also be repeated in the form of an annual evaluation of the vendor/provider and service as part of the ongoing monitoring and oversight of the relationship.
A key element of the vendor management program is to conduct a risk assessment of all third party relationships on an annual basis. To guide the process of management these relationships, institutions must also develop a policy and establish procedures to ensure a consistent, repeatable process.
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$250.00. Price includes entire bundle of six (6) customizable documents. Individual documents may be purchased upon request.