“Are third parties doing enough to protect their bank partners?” he asks. “Not according to the enforcement actions, consent orders, fines, civil money penalties, and risk management mandates imposed on such companies and their financial institution clients.”
During a recent interview on CNBC’s “Squawk Box,” Wells Fargo CEO John Stumpf echoed a similar message stating that third parties are a big area of risk and that the prudent management of third party risk is an important initiative for Wells Fargo, as with all financial institutions.
Whether you are a financial institution or a third party offering services to financial institution clients, the McGovern Smith paper offers an intuitive perspective on the steps that must be taken to improve the compliance and risk management partnership between institutions and third parties.
Reymann has over 28 years in compliance and risk management, including 13 years with the
To download a copy of the white paper visit http://www.mcgovernsmithadvisors.com/resources
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