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Staying On Top of Vendor Risk Management News: Week of August 27

Aug 31, 2018 by Branan Cooper

This week in third party risk related news: Chase Bank hit with downgrade as a result of improper third party risk management, cybersecurity remains a topic of focus, working with fintech companies, an extended exam cycle for these types of banks and more. 

Industry News for the Week of August 27

Cybersecurity horror stories – if you think the Target breach being facilitated by compromising an HVAC contractor’s credentials is bad, read this.

Fintech charter requirements present many barriers to entry: Read here

Chase Bank downgrade in part due to gaps in its outsourced technology infrastructure (i.e., third parties!): Read here

BankDirector survey focuses on technology and cybersecurity: Read here

Regulation falls on state AG’s as CFPB focuses on consumer education: Read here

Add-on products, like identity theft protection, have long been an enforcement target for the regulators – Santander just exiting an enforcement action that stretches back almost a decade: Read here

Major SEC enforcement action against Transamerica: Read here

The delicate balance of banks working with fintech companies: Read here and here

OCC announces extended exam cycle: Read here 

Community lenders tell big tech vendors to get up to speed: Read here

Cybersecurity continues to remain a threat to businesses and their vendors. What measures do you and your third parties have in place to combat these types of risks? Download our infographic to learn what it takes.

Creating an Effective Vendor Contract Management System 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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