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Third Party Vendor Risk Management
Guidelines recently introduced regarding third party vendor risk management and vetting have created a situation difficult for many community banks to manage. Insurance and financial services policies and programs, for most community banks, have been in place for many years- with little vendor update or program review.
Having an independent third party review non-deposit insurance and financial services programs provides several key benefits:
- Establishes the basis for a third party vendor management compliance examination;
- Provides key bank insurance policy, limits and coverage review;
- Provides information regarding compliance issues.
Key non-deposit areas available for review:
- Financial institution bond;
- Directors and officers liability
- Package P&C;
- Force placed insurance including internal procedures;
- Retail investment contract and programs;
- Direct marketing insurance;
- Loan related insurance programs;
- Checking account and club programs.
A detailed management report is provided for senior management, board of directors as well as regulator information in a written as well as a focus group setting.
Contact Jim Sarosy at jjsarosy@CBAO.com or (614) 846-2170 for more information on third party risk management.