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Best Practices

Staying on Top of Vendor Management News: Week of Sept 25

Sep 29, 2017 by Branan Cooper

This week in third party risk news, we are reminded of the importance of proper due diligence, reputation risk, examination preparedness and more vendor management best practices. Read the resources below for the most important third party risk related news for the week of September 25, 2017.

Articles From Week of September 25 to Check Out

Lexis Nexis article on due diligence and beneficial ownership: Read more

A good reminder on Reputation Risk (I’ll bet Equifax is feeling this right now): Read more

CFPB wins $7.9 million bench trial against Nationwide for deceptive advertising… third party implications and that “D” for deceptive is part of UDAAP (Unfair Deceptive or Abusive Acts and Practices): Read more

OCC Acting Director makes it quite clear they will continue to push for a FinTech charter and that they will need to abide by same rules as any other then-nationally chartered bank: Read more

NYDFS now proposing regulating the credit reporting agencies for the work they do in NY: Read more

Equifax’s moves before disclosing the breach are drawing more scrutiny… hmmm: Read more

Experts debating who gets the “honor” of punishing Equifax (my bet is DoJ and CFPB): Read more

Reputation matters - just take a look at the SoFi downfall and departures: Read more

Do you want a breach with that burger and fries? Sonic gets hacked: Read more

Kentucky’s attorney general proposes new safeguards following the Equifax breach: Read more

Boards devoting more time to cybersecurity: Read more

Federal Reserve OIG report finds CFPB examiners unprepared for their work: Read more

New AML regulations posing a real challenge (third parties can often be contributors to AML concerns, particularly in the credit, debit and prepaid card industries): Read more

Tthe CFPB director says the credit reporting agencies “should welcome” the additional scrutiny: Read here

For more information on third party risk regulatory developments and how they will effect your next exam, download our eBookRegulatory Developments Impact Your Next Vendor Management Exam eBook

Branan Cooper

Written by Branan Cooper

Branan Cooper is the Chief Risk Officer at Venminder. Branan has nearly 30 years of experience in the financial services industry with a focus on the management of operational and regulatory processes and controls—most notably in the area of third party risk and operational compliance. Branan leads the Venminder delivery team as the third party risk management subject matter expert in residence. Branan also serves as an industry thought leader. He's a member of InfraGard and the Professional Risk Management Industry Association (PRMIA). And, he was selected in 2018 as an advisor to the Center for Financial Professionals (CEFPro) and board member for the Global Sourcing Resource Network (GSRN).

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