Welcome to today’s Third Party Thursday! My name is Branan Cooper and I’m the Chief Risk Officer here at Venminder.
Today we are going to talk about enforcement actions. In particular, enforcement actions involving a third party. Now, if you're like me and you start the day by reading the news, whether it's in the morning newspaper or some headlines delivered, it's all important.
When a scenario is played out all too often in my career, let's say you find out one of your third parties is named in an enforcement action, even if it is unrelated to your institution, what do you do?
And without naming names, I encourage you to look at some of the recent enforcement actions around UDAAP, especially where third parties are involved. I particularly like the UDAAP tracker found on the Payment Law Advisor website.
There are plenty of great ways to monitor the news, whether it a tool like we use with Argos Risk or google news alerts or just scanning various industry publications. It's important to stay aware and vigilant. You've dodged a bullet, now find a way to stay out of the line of fire.
Again, I’m Branan and thank you for watching! Don’t forget to subscribe to the Third Party Thursday series.