Third Party Risk Management for Banks
Compliance risk has becoming one of the key concerns among financial institutions today.
Recent regulatory changes are requiring that banks monitor all of their third party relationships for the life of the contract. Banks must monitor service providers’ operational performance, required licenses, certifications and financial stability for the entire term of the engagement. Currently, banks bear the entire cost of researching and tracking this data for each of their suppliers.
With Trust Exchange, banks can monitor all of their vendors, create custom risk ratings for each vendor as well as custom operational certifications and have these events pushed to the banks proactively. This gives the bank increased visibility into the operational performance and risk among all of their vendors as well as reducing the cost of creating and maintaining such a program by requiring the service providers to submit the data directly.
Reduced Cost
Currently, banks bear the entire cost of researching and tracking this data for each of their suppliers. With Trust Exchange, banks can monitor 100% of their vendors, create custom risk ratings for each vendor as well as custom operational certifications and push these events to the banks proactively. This gives the bank increased visibility into the operational performance and risk factor of all of their vendors and reduces the cost of creating and maintaining such a program by requiring the service providers to submit the data directly.
Increased Compliance
Trust Exchange's Collaborative Compliance approach to operational risk management increases the compliance readiness of banks by making the data more timely and actionable. Compliance should be a real-time activity and not a system of static files and folders. Trust Exchange enables the transition from compliance management to compliance monitoring.
Features
Customizable dashboards
Active document management
Customizable risk assessment
Customizable monitoring
Compliance checklists
Vendor compliance monitoring
Role-based access management
Standard and custom reporting
