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Best Practices

Staying On Top of Vendor Risk Management News: Week of June 25

Jun 29, 2018 by Branan Cooper

The need for vendor risk management best practices is at the forefront of the news this week - 60% of industry execs reporting they do not have a comprehensive vendor risk program in place. This could cause some MAJOR issues down the road! Read this story plus more from the CFPB, Merrill Lynch's $42 million fine and rapidly growing RegTech.

Industry News for the Week of June 25

Merrill Lynch gets second SEC fine in less than a month – this one for $42 million: Read here

CFPB structure ruled unconstitutional, the second reversal of the decision as it makes its way slowwwwly toward the Supreme Court: Read here

Fascinating stats on the growth of RegTech in terms of investment dollars, skills and geographies: Read here

Further example that the regulators do work with one another – new standards for enhanced communications surrounding enforcement actions among the regulatory agencies: Read here

Article in Philadelphia Inquirer on Alan Kaplinsky of Ballard Spahr: Read here

California's interesting thoughts on proposed OCC charter and sandboxes: Read here

How mobile technology is changing the prepaid world: Read here

Mortgage Bankers Association formally requests the CFPB revisit key rules, particularly those that may be clouded by the practice of “regulation through enforcement action”: Read here

Anonymous companies won’t be able to register in Delaware if this legislation goes through – currently 1.3 million companies are registered in Delaware (more companies than people, population-wise!): Read here

A proper compliance program must include a risk assessment – the key to success: Read here

60% of industry execs report they do not have a comprehensive vendor risk program in place and 47% say they do not have a technology solution: Read here and here 

Learn how to write your own vendor risk program - download our infographic.

how to write a third party policy

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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