Vendor Due Diligence & Effective Vendor Management

Guard your vendors like you guard your vault, because every third-party relationship holds the power to protect or jeopardize your institution. Join veteran financial services attorney David Reed to explore regulatory expectations, practical risk assessment techniques, and real-world oversight practices. Analyze the full vendor lifecycle, from due diligence and contract structure to performance monitoring and remediation and leave with actionable steps for protecting your institution’s data, reputation, and regulatory standing.

KEY WEBINAR TAKEAWAYS

• An effective vendor management process
• Reducing the compliance risk associated with critical vendors
• Common vendor management landmines
• Understanding your default options
• Effective staff oversight, escalation, and quality control processes
• Five things your vendor does NOT want you to know

BONUS MATERIALS

• Vendor risk classification matrix
• Due diligence checklist for onboarding and periodic vendor reviews
• Contract red flag guide covering audit rights, data security, business continuity, termination, and subcontracting
• Ongoing monitoring and performance review template
• Regulatory guidance

WEBINAR DETAILS

Every time your institution engages a critical vendor, you are effectively handing over the keys to your kingdom, your data, your operations, your reputation, and often your regulatory standing. What could possibly go wrong? Unfortunately, the answer is just about everything. Vendor management remains one of the most scrutinized operational risk areas for financial institutions. You increasingly rely on third parties for core processing, digital banking, cybersecurity, collections, compliance support, and accountholder services. At the same time, virtual operations, cloud platforms, fintech partnerships, and remote service models have dramatically expanded both the number of vendors and the risk exposure tied to each relationship. From selecting the best available vendor to identifying and correcting performance issues, this presentation will examine the practical and regulatory requirements for managing third party relationships and the operational details of creating and maintaining an effective vendor management program.