Newbie manager of vendor due diligence

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Question:

I just inherited the function of managing the vendor due diligence in my bank and I am little overwhelmed. Where do I start?

Answer:

First off, congratulations! This is a very important role in the bank. Previously, the FFIEC had the bulk of the information regarding vendors, and they still do, but more recent interagency guidance has been published that will be of great help to you. The most recent set addresses vendors in general and the other set addresses fintechs. There are also some very user-friendly vendors out there that make the management and risk-rating of your vendors much more bearable than you would think.

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Learn more about Maureen Carollo’s Vendor Due Diligence & FinTechs webinar.