Independent Banker - September 2020 - 44
PORTFOLIO
Third-party risk:
Are you covered?
Compliance
Like most businesses, community
banks are leveraging more and more
vendors and other third parties. But these companies
come with risk attached. Managing third-party risk
means being diligent before, during and after a
contract or relationship has run its course. By Mary
Thorson-Wright
here are only three times community banks need to
pay close attention to third-party relationship risk management:
before, during and after.
Expanding technology, demand for specifi c skill sets,
product availability and cost containment have changed
the way community banks work. To help meet those needs,
outsourcing to third parties has become integral to bank
management. A third-party relationship could be a seller
34 Q ICBA Independent Banker Q September 2020
T
of a specifi c product the bank wants to off er, an individual
or company that sells services either on a one-time or
continuing basis, or anyone providing goods or services to
the bank.
Relationships with both foreign and domestic third
parties continue to increase in number and complexity,
exposing users to increased risks. Community banks
aren't alone. As of August 2019, more than half of all
companies used third parties to support their products,
services and operations.
Where does third-party risk management start? The
life cycle of third-party risk management starts when the
bank determines what its needs are and establishes the
parameters under which it will engage vendors and other
third parties through a formal outsourcing policy. Once
candidates are selected, banks must thoroughly vet them.
Photo by Rialto Images/Stocksy
Independent Banker - September 2020
Table of Contents for the Digital Edition of Independent Banker - September 2020
Table of Contents
Independent Banker - September 2020 - Intro
Independent Banker - September 2020 - Cover1
Independent Banker - September 2020 - Cover2
Independent Banker - September 2020 - Table of Contents
Independent Banker - September 2020 - 2
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Independent Banker - September 2020 - Cover3
Independent Banker - September 2020 - Cover4
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