Digital Mission

Accelerated Banking

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Digital Trust and Stewardship Risk Management

Third-party Risk Management

Current Situation

Third-party risk has been growing, resulting from increased use of vendors as technology providers and service providers. Banks use third parties to help reduce costs, increase efficiency, and leverage expertise in specific areas. The addition of a third party can cause exponential increases in risk exposure because of the third party’s supplier risk.

Goals and Objectives

Establish an enterprise third-party risk governance and monitoring capability. Use common infrastructure and risk assessment methodology and technology to adequately evaluate third-party and fourth-party risks.

Technology Deployed

Hardware: Enterprise hardware

Services: Managed services and consulting

Software: Analytics, AI, and application platforms

Innovation accelerators: Cognitive machine learning

3rd Platform technologies: Big Data and analytics

Use Case Summary

Management and onboarding of third-party relationships will likely occur at the line-of-business level across an institution. However, the aggregation, measurement, and monitoring of risk associated with a third party will be centralized.

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