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Third Party Risk Management

This Third Party Risk Management training course provides an overview of financial regulations that are relevant to outsourcing and third party risk management in the United States and Canada. It summarizes key regulations on outsourcing and third party relationships from several financial regulators, and discusses practical considerations for financial services firms.

Geography Covered: Americas | Duration: 30 minutes

Summary

Businesses, including financial services firms, commonly seek to increase their operational efficiency by outsourcing components of their business operations to third parties. This offers benefits, such as cost management, but third party relationships can expose financial services firms to legal and regulatory risks.

In recent years, financial regulators have grown increasingly concerned about financial services firms' ability to identify and manage the risks arising from third party relationships. This has resulted in increased scrutiny of the kinds of functions that financial services firms are outsourcing and how they are managing their third party relationships.

Financial services firms remain responsible for any business activities that third parties perform for them through outsourcing arrangements, making third party risk management training crucial. As a result, firms can be held liable for any legal misconduct committed by a third party vendor. Because of this liability risk, employees need to understand how to maintain sufficient oversight of third party relationships.

The topics covered in the course include:

  • Background on third party risk management
  • Regulatory requirements
  • Regulatory guidance in the United States
  • Federal Deposit Insurance Corporation (FDIC) guidance
  • Financial Institution Letter 44-2008
  • Federal Reserve Board guidance on outsourcing risk
  • Office of the Comptroller (OCC) of the Currency guidance
  • OCC Bulletin 2013-29
  • Consumer Financial Protection Bureau (CFPB) guidance
  • Foreign Corrupt Practices Act (FCPA)
  • The FCPA and third party risk management
  • Regulatory guidance in Canada
  • Office of the Superintendent of Financial Institutions (OSFI) guidance
  • Additional third party liability issues and considerations
  • Outsourcing risk management functions
  • General oversight considerations
  • Looking ahead
    • Third Party Risk Management (US)
  • Like with all our courses, Third Party Risk Management training course was written by experts and powered by world-leading regulatory intelligence, which tracks more than 900 regulators and exchanges globally to ensure the course content is always up to date.

    All our training courses are driven by practical examples and interactive scenarios to ensure users truly understand and recognize the issues of most importance to your business and learn to instinctively act to support them.

    We employ instructional design techniques optimized for risk and compliance training, enabling your business to educate in a way that reduces risk and helps you build a culture of integrity and compliance.

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