An overview of the risk considerations associated with the selection, engagement, oversight and termination of vendors by a bank, and a perspective on the current regulatory expectations.
After completing this course, students will be able to:
• Know why financial institutions use third parties and the typical services provided
• Understand typical risk areas and the regulatory content
• Outline the methodology for risk categorization
• Describe the stages in the vendor relationship life cycle
• Identify documentation and record keeping requirements