Community
Earlier this month, I had the pleasure of chairing Day one of the Center for Financial Professional’s conference on Vendor and Third Party Risk EMEA. The conference brought together insights about the evolution of the discipline as well as some key best practices. Here are my top ten takeaways from the event that I would like to share.
I’m also chairing day two of next week’s event in New York - I’m looking forward to exploring some of the regional differences with the attendees there. There was some discussion at the London event about how the Third Party Risk discipline is much more advanced in the US, and that the UK and EU are looking towards their counterparts (and regulators) in that region for best practices. I’d agree with this, and think it is in some part due to the regulation, in particular: the US Office of the Comptroller of the Currency OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance,” issued October 30, 2013, and its Supplemental Examination Procedures for Third Party Relationships issued in January 2017, together with the FFIEC’s Appendix J.
However, in my experience, I’d also add that I think the UK is more advanced in some community and utilities initiatives than their US counterparts. I think Hellios provides a perfect example of this, with their growing Financial Services Qualification System (FSQS) community http://www.hellios.com/procurement/fsqs.html. This is designed to standardize and manage requests for compliance and assurance data for major financial services organizations that have adopted FSQS, and there was great feedback from their members at the event.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Nick Green Director at Purple Patch Broking Ltd
22 August
Oleg Stefanet Chief Risk Officer at payabl.
20 August
Venkatesh P Co-Founder and Director at Maveric Systems
19 August
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