Third party risk management series

Effective information technology and reporting requirements and implementation should be based upon the ability to execute the requirements defined within the other TPRM framework elements.

Financial services third party risk management (TPRM) framework ("The TPRM Wheel ")

Key take aways

i. Scrutiny by the US Banking regulatory agencies over financial institutions' TPRM programs has increased and continues to evolve as evidenced by the number of and specificity within Matters Requiring Attention ("MRAs") and other issues provided to financial institutions.

ii. Leading financial institutions have established TPRM programs to address baseline requirements and are continuing work towards sustainable business processes that address more specific requirements and practices.

iii. Many financial institutions have yet to address the broadening specificity contained in regulatory feedback beyond baseline requirements. Is your institution with the leaders or lagging in regards to regulatory expectations?