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Third Party Service Providers

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Third party service providers to the financial services industry should have third party risk management practices in place.
Why Venminder

Third Party Risk Management

Over the years, you've likely been asked to provide due diligence documentation, respond to questionnaires and provide reporting to assert compliance with expectations for your clients or prospects. As the regulatory expectations over financial institutions have increased, you've felt the pinch of the requirements being forced from them to you.

Many financial service providers now require their service providers to have their own third party risk management - usually added within your contract. It's the cost of doing business with a financial institution nowadays. 

 

To meet client or regulator expectations: 

  • Create your own third party risk management practices
  • Get educated on third party risk guidelines
  • Respond to the increased oversight and due diligence requests of the financial institution
  • Evaluate your complaint management procedures and ensure they are in line with the financial institution's expectations
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Who We Help

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Software

Centralize the data on your third parties to efficiently manage, monitor and risk assess your third parties.
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Outsourced Services

Our industry experts and certified team can become your cost-effective staff augmentation answer.
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Scalable

One size does not fit all. Whether you are a small or large organization, our solutions can be customized to your specific needs.
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Hot Button Issue
Third Party Cybersecurity Concerns

Cybersecurity has the attention of all bank regulatory bodies who have called on banks to address the risk through appropriate due diligence and ongoing oversight and monitoring. It’s important that you can demonstrate that you are taking proactive steps to identify and mitigate potential areas of weakness otherwise you face enforcement actions or high fines.

 

There has never been a more challenging time to be in the financial services risk management business. 

 

Benefits of Third Party Risk Management Include

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A comprehensive policy, program and procedures in place for third party risk management

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Assists with meeting your clients' third party risk management expectations

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Helps you meet regulatory obligations

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