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How To Successfully Manage VendorsKnow your vendors.Assess your vendors.Don't forget the details.Implement sound policies and due diligence.Assess risks posed by shared infrastructure.Train staff and vendors in proper security practices.Implement strong incident detection & response systems.More items...?Oct 11, 2019

Third-party risk management (TPRM) is a form of risk management that focuses on identifying and reducing risks relating to the use of third parties (sometimes referred to as vendors, suppliers, partners, contractors, or service providers).

5 things to know about managing third-party relationship risksEnsure adequate insurance coverage.Review contracts to align with new laws.Develop and implement a third-party risk management process.Use of audits to help manage risk expectations.

Manage and Assess Third-Party Risks:Conduct Third-Party Screening, Onboarding, and Due Diligence.Focus on Fourth Parties.Establish a Tone at the Top with Board-level oversight.Focus on IT Vendor Risk.Ensure Appropriate Investment and Staffing.Evaluate the Effectiveness of the TPM Program.Build Mature TPM Processes.More items...

A third-party relationship is any business arrangement between a bank and another entity, by contract or otherwise. 1. The Office of the Comptroller of the Currency (OCC) expects a bank to practice effective risk management regardless of whether the bank performs the activity internally or through a third party.

Institutions should maintain adequate oversight of third-party activities and adequate quality control over those products and services provided through third-party arrangements in order to minimize exposure to potential significant financial loss, reputation damage, and supervisory action.

Third-party risk management regulations provide frameworks, policies, and resources to help you manage third-party risk and develop contingency plans. They also provide guidance on the controls and procedures you must implement to mitigate and, if possible, eliminate third-party risk.