In late 2013 the Office of the Comptroller of the Currency and the Federal Reserve issued updated guidance on third-party/vendor risk management. In response to increased regulatory pressure on its members to implement effective programs in this area, RMA established a new Vendor Management Round Table.
This collaboration resulted in a sectorwide survey of the state of third-party/vendor risk management. The goal was to establish a 2014 baseline of current practices from which financial institutions can measure progress over time.
To learn more about the survey, including the results, please click here.
For information on the contributor’s to this article, please click here.