How Does Your Outsourced Third Party Risk Management Program Stack Up?
Outsourced Third Party (Vendor) Risk Management is a top priority with the regulators. Therefore, ensuring your Program is not only going to be effective but also meet with their expectations needs to be a priority for financial institutions. When you outsource, you are placing your confidential customer information in someone else’s hands along with the availability and security of that information, but you still retain the responsibility for ensuring the integrity, confidentiality, availability and security of the information making this Program a crucial part of your overall Information and Cyber Security Program.
Demonstrating the importance of this Program, the OCC and the FRB both issued updated guidance relating to third party relationships in October and December of 2013, respectively while the FDIC reissued its Technology Outsourcing Informational Tools in April of 2014. Then on February 6, 2015, the FFIEC released an update to the Business Continuity Planning Handbook adding Appendix J: Strengthening the Resilience of Outsourced Technology Services. On November 14, 2019, a revised Business Continuity Planning handbook was released that addresses: Third Party Management, Third Party Capacity, Testing with Third-Party Technology Service Providers, and Cyber Resilience. The FFIEC Cybersecurity Assessment Tool (CAT) also includes declarative statements relating to Outsourced Third Party Risk Management practices. Susan Orr has assisted numerous institutions with developing their Outsourced Third Party Risk Management Program and will share her insights into developing an effective program in this webinar.
What You Will Learn
FFIEC agencies expectations for your Program
The latest guidance:
November 2019 BCP Handbook
Appendix D of the FFIEC Outsourced Technology Services Handbook
FFIEC Supervision of Technology Service Providers, September 2012
FDIC April 2014 Tools to Manage Technology Providers Informational Brochures
OCC October 2013 Third Party Relationships
FRB December 2013 Guidance on Managing Outsourcing Risk
Classification and Risk Rating criteria
Required Program elements and essentials
Who Should Attend?
Senior Management, Information Security Officers, Compliance Officers, Risk Managers, IT Managers, Operations Managers.
Susan Orr is a leading financial services expert with vast regulatory, risk management, and security best practice knowledge and expertise.
As an auditor and consultant, Susan is dedicated to assisting financial institutions in implementing appropriate policies and controls to protect confidential information and comply with regulatory mandates and best practices. Her expertise as an auditor and former examiner provides her the knowledge and expertise to conduct comprehensive IT general control and data security reviews and assist banks in developing and updating policies and procedures and risk assessments, performing third party risk management, and facilitating testing and training. Susan is a Certified Information Systems Auditor (CISA), Certified Information Security Manager (CISM), Certified in Risk and Information Systems Control (CRISC).
Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts $279
- Available Upgrades:
- 12 Months OnDemand Playback + $110
- 12 Months OnDemand Playback + Digital Download + $140
- 12 Months OnDemand Playback + CD + $140
- Additional Live Access + $75 per person