Scrutiny of financial institutions’ management of their third parties has increased over the past few years. Regulators have released explicit guidance outlining their expectations of risk management regardless of whether an activity is done in-house or by a third party. According to the OCC’s Risk Management Guidance, organizations “use of third parties does not diminish the responsibility of its Board of Directors and senior management to ensure that the activity is performed in a safe and sound manner and in compliance with applicable laws.”
With the updated regulatory guidance comes explicit guidelines around the third-party lifecycle forcing many organizations to reexamine their third-party risk processes.
OneSumX for Third-Party Risk Management provides a single repository to house, rate and monitor your third parties as part of your overall compliance and risk program. Tightly integrated with the larger risk framework, our solution gives you the insight into: