The banking agencies last year issued revised final guidance on managing the risks of third-party relationships that will replace existing guidance, and they have issued a few updates on specific issues since then.

This reflects the fact that vendor management has been an important issue for a long time, but it is apparent that expectations are increasing. The rise of fintech companies and their participation in the banking industry has changed the landscape of risk in important ways, and financial institutions need to adapt.What You'll Learn:

• Final third-party management guidance from the agencies - what to expect and what this tells us
  
• Updates, including recent guidance on risks of arrangements with third parties to deliver bank deposit products and services
  
• Managing relationships with financial technology (fintech) firms, including a recent Request for Information and Comment from the regulatory agencies
  
• Developing and maintaining risk management policies and programs regarding third-party relationships
  
• How this relates to AI and models
  
• Oversight of third-party activities
  
• Contract negotiation and management
  
• Ongoing monitoring
  
• Identification of significant vendor relationships - what does this mean and what are the covered activities?
  
• Vendors' ability to comply with applicable law and regulations