How do you know whether your financial services firm is aware of all your third parties and properly managing the risks?
It’s a simple question with a complex answer. As third-party services become more technology-driven and outsourcing trends intensify, it’s more urgent than ever for growing banks to address how they handle third-party risk management (TPRM). At the same time, it’s increasingly difficult for risk professionals to manually examine every relationship and determine the extent to which each needs to be assessed under a TPRM process.
In this article, Crowe risk management specialists describe four essential steps that can help you define and manage your third-party vendor risks.