Third party fourth party.docx - Third Party When your...

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Third Party When your institution outsources an activity to some other provider, that institution is a third-party provider. This includes everyone from your landscaper to your technology service provider. Whether you handle an activity or you outsource it to a third-party vendor, your institution is responsible for the outcome just the same. That means it’s essential to identify critical vendors or high-risk vendors. These are vendors involved in critical activities that could have a major impact on operations such as payments or IT. Regulators provide detailed guidance on monitoring these relationships, including understanding how the vendor relationship fits into the institution’s overall strategic plan, vendor due diligence, contract negotiation, ongoing monitoring, and termination. Financial institutions are expected to know what vendors are doing, how they are doing it, and what steps they are taking to remain compliant with all laws, regulations, policies and procedures. That makes vendor management an essential element of any ERM system.
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