With financial institutions increasingly relying on third-party providers to offer their products and services, the associated risks also rise. This educational session will guide you through best practices for developing a simple yet comprehensive Vendor Management Program and a Model Risk Management Program. This webinar will help you understand the depth of due diligence required, starting with your core system and extending to all technology-dependent banking products. You will gain practical insights into integrating these programs within your ERM framework, ensuring robust risk management. Additionally, you will gain a deeper knowledge of the OCC SR Letter 11-7, detailing guidance on Model Risk Management. By the end of the session, you will have a clearer understanding of how Vendor Management and Model Risk Management fit within your ERM program.

Key learning objectives include understanding how the Vendor Management Program fits within ERM, its components, policies, and procedures, conducting vendor due diligence, and performing vendor risk assessments. You will also learn about monitoring and reporting assessment results, defining Model Risk, and establishing your own Model Risk Management Program with practical examples. This session will equip you with the knowledge to manage risks associated with third-party providers and models effectively, ensuring your institution’s resilience and compliance with regulatory standards.