The Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board of Governors, and the Office of the Comptroller of the Currency (OCC) collaborated to establish a unified approach to managing and monitoring the risks associated with third-party relationships banking organizations.
This interagency guidance was approved on June 6, 2023, and all federally regulated banking organizations are expected to establish and maintain risk management on all third-party relationships including third-party service providers, third-party payment processors, and FinTech’s. This session will provide the third-party risk management life cycle and what you need to know before your next examination.
WHY SHOULD YOU ATTEND?
- Understanding the regulators' interagency guidance on third-party relationships and risk management effective June 6, 2023.
- Risk Management program's effectiveness according to the risk management life cycle.
- Learn how to stay away from potential Consent Orders from the regulator(s) that have been occurring since the summer of 2023.
AREA COVERED
- Risk management.
- Deposit operations.
- BSA/AML monitoring and compliance.
- Financial Regulation and Compliance.
- Treasury Management.
- Due diligence – onboarding and periodic risk reviews.
- Audit.
LEARNING OBJECTIVES
- Why is effective risk management important?
- What regulations, guidance, rules, and laws affect the need for risk management?
- How to implement an effective risk management program.
- How to identify risks in transaction monitoring and what should be done after risks are identified.
- Get updated on the most recent regulations and compliance relating to payments and BSA/AML risk management.
- What is a third-party relationship and how does it affect a financial institution?
- How does a relationship with a financial institution look like for a third party?
WHO WILL BENEFIT?
- VP (and up), Deposit Operations.
- Back Office Operations Payment Services.
- Risk Officer (CRO, ERM).
- Compliance Officer.
- COO.
- Treasury Management.
- Audit (Internal audit).
- Any AAP or APRP accreditation.
- Commercial Loan Officer – Communicating directly with non-consumer customers using Treasury Management Services.
- Payment Services – (Customer facing and back office).
- Understanding the regulators' interagency guidance on third-party relationships and risk management effective June 6, 2023.
- Risk Management program's effectiveness according to the risk management life cycle.
- Learn how to stay away from potential Consent Orders from the regulator(s) that have been occurring since the summer of 2023.
- Risk management.
- Deposit operations.
- BSA/AML monitoring and compliance.
- Financial Regulation and Compliance.
- Treasury Management.
- Due diligence – onboarding and periodic risk reviews.
- Audit.
- Why is effective risk management important?
- What regulations, guidance, rules, and laws affect the need for risk management?
- How to implement an effective risk management program.
- How to identify risks in transaction monitoring and what should be done after risks are identified.
- Get updated on the most recent regulations and compliance relating to payments and BSA/AML risk management.
- What is a third-party relationship and how does it affect a financial institution?
- How does a relationship with a financial institution look like for a third party?
- VP (and up), Deposit Operations.
- Back Office Operations Payment Services.
- Risk Officer (CRO, ERM).
- Compliance Officer.
- COO.
- Treasury Management.
- Audit (Internal audit).
- Any AAP or APRP accreditation.
- Commercial Loan Officer – Communicating directly with non-consumer customers using Treasury Management Services.
- Payment Services – (Customer facing and back office).