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Staying On Top of Vendor Risk Management News: Week of July 16

Jul 20, 2018 by Branan Cooper

In this week's third party risk related news, we've noticed that the need for a robust third party risk management program to combat cyber, financial, operational and reputational risks is still concrete (and not changing any time soon!). Read stories on the NYDFS, California state regulators, CFPB, CUNA, SEC and more that reaffirm the need for a robust third party risk management program.

Industry News for the Week of July 16

Supervision of the credit reporting agencies is a top priority: Read here

More on NYDFS plans to regulate online lenders: Read here

KPMG and the New York Fed on increased cybersecurity hardening: Read here

Article by head of NBPCA on how regulation can foster growth in the prepaid industry: Read here

Analysis of the recently passed California regulation on privacy – quite a sweeping set of regs: Read here

Summary chart of proposed CFPB rulemaking – none are directly third party risk management focused but nearly every one will have some implications for third parties: Read here

Are you prepared for the number of calls a data breach can bring? (Interesting that one of the credit reporting agencies did this video, given the Equifax 2017 nightmare): Read here

We recently sat down with Loraine Debonis of Ubiquity for her perspective – here’s an article she penned: Read here

CUNA advocates for a more user-friendly complaint system (and verified complaints) at CFPB: Read here

Meanwhile the Federal Reserve’s Inspector General also has some recommendations (some of which could not be shared publicly apparently) to improve the CFPB complaints database: Read here and here for the actual report

SEC enforcement action – often enforcement actions are kind of “cut and dry” but this one has some interesting details: Read here

Mulvaney and the secret charter for a new consumer advisory board at CFPB: Read here

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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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