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Regulatory Pressure on Third Party Management, Webinar
April 5, 2018 @ 10:00 am - 12:00 pm CDT
In recent years, we have seen a significant amount of new guidance on third party risk management within financial institutions. FFIEC Cybersecurity Assessments Tool (CAT) encourages financial institutions to expand questioning around third party risk management practices and suggests more rigorous oversight. Regulators also suggest that the FFIEC CAT can be leverage against Third Parties; not just financial institutions. There has also been discussion that the FFIEC may release a version of CAT for Third Parties to complete.
The FFIEC coined the term “External Dependencies” in CAT guidance. This expands requirements beyond vendors, to include any third-party relationship, including customers. We will explore best practices for Vendor Management, Third Party Risk Management, and Customer Risk Management.