Third Party Vendor Risk Management
Guidelines recently introduced regarding third party vendor risk management and vetting have created a situation difficult for many community banks to manage. Insurance and financial services policies and programs, for most community banks, have been in place for many years- with little vendor update or program review.
Having an independent third party review non-deposit insurance and financial services programs provides several key benefits:
- Establishes the basis for a third party vendor management compliance examination;
- Provides key bank insurance policy, limits and coverage review;
- Provides information regarding compliance issues.
Key non-deposit areas available for review:
- Financial institution bond
- Directors and officers liability
- Package P&C
- Force placed insurance including internal procedures
- Retail investment contract and programs
- Direct marketing insurance
- Loan related insurance programs
- Checking account and club programs
A detailed management report is provided for senior management, board of directors as well as regulator information in a written as well as a focus group setting.
Contact Aza Bittinger at 614.846.2238 to learn how CBAO can help you with partner sourcing.