Banks have very prescriptive third-party risk management regulations to follow with the Interagency Guidance on Third-Party Relationships. Failure to comply can result in enforcement actions and steep regulatory fines. It’s important to have good contract management, due diligence, risk assessment, and other third-party risk management processes in place.
Banks are also frequent targets of third-party data breaches because of the large amounts of sensitive data they hold. Juggling this may seem overwhelming, but with the right tools, it doesn’t have to be!
