Third Party Thursday - January 25, 2024

January has flown by! Before we move onto February, check out this month's third-party risk management news, resources, community happenings, and upcoming webinars below.

Regulatory news took over the headlines this week. The National Credit Union Administration released its 2024 examination priorities. The European Union released its first set of technical standards for the financial third-party risk management regulation. But wait, there's more! The swaps market has a proposed third-party risk management regulation to check out.

The banking industry has faced increased scrutiny over banking as a service relationships and credit unions should evaluate fintechs for compliance. It’s also important for all organizations to evaluate fourth-party risks and review third-party AI services to ensure privacy and safety. There’s so much more to read in this week’s news, so be sure to check it all out.?

Read More

Infographic:?6 Techniques to Manage Third-Party Compliance Risk

Blog: What Is Vendor Risk Management?

On-Demand Webinar:?Third-Party Risk Management Governance Documents: What You Need to Know

Podcast: Why Third-Party Risk Management Matters in a Struggling Economic Climate

Interview: Andrew Moyad, CEO, Shared Assessments

Additional Resources:

• Infographic: Building an Effective Vendor Risk Management Program
• Blog: 5 Key Essentials for Vendor Management Day-to-Day Tasks
• Blog: Third-Party Risk Management Best Practices for 2024
• Checklist: Training Vendor Owners
• Blog: NYDFS Cybersecurity Regulation Amendment: Increased Focus on Third-Party Risk
• On-Demand Webinar: Vendor Risk Management 101
• Blog: How to Assess Financial Risk of a Supplier
• Infographic: How to Write a Third-Party Risk Management Program Document
• Blog: Creating a Culture of Compliance for Third-Party Risk Management

Check out the latest discussions in our complimentary online community dedicated to third-party risk professionals. Visit?www.thirdpartythinktank.com to register and sign in.

• SOC 1: "I've been told that if a vendor directly affects the organization's financial reporting, then I should request a SOC 1 Type II report. What vendors directly affect the financial reporting of an organization?" Help Answer
• Federal National Mortgage Association (FNMA) Suspended Counterparty List: "For those in the mortgage industry, are you checking all your vendors and third-party relationships against the FNMA Suspended Counterparty List?"?Help Answer
• SOX Compliance Requirements for Your Software as a Service (SaaS) Solution Providers: "Do you have special procedures for evaluating whether your SaaS IT service providers are SOX compliant?" Help Answer

State of Third-Party Risk Management 2024

Third-party risk management practices and programs are implemented differently across various organizations, sizes, and industries. In this session, we'll be presenting the latest results from our annual State of Third-Party Risk Management Survey. We'll explore important insights, findings, and more!

February 6, 2024 | Basic | 2pm ET | Register Now

Identifying the Key Players for Third-Party Risk Management at Your Credit Union

There are many key players involved in third-party risk management activities, ranging from vendor owners, subject matter experts, and more. It can be cumbersome to identify these key players within your credit union and define their responsibilities. Join this webinar that will help clarify.

February 15, 2024 | Basic | 11am ET | Register Now

How to Continuously Monitor Vendors

Continuous monitoring is a best practice to keep your organization informed of risks posed throughout the vendor relationship. Just because there's not a vendor issue today, doesn't meant there won't be one tomorrow. In this session, we'll discuss how continuous monitoring improves and benefits your organization.?

February 20, 2024 | Basic | 2pm ET? Register Now

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