Since returning from RMA GCOR, I've been flooded with conversations about Third-party risk management. Customers, partners and prospects alike are going through an awakening regarding the risk posed by third-parties and it's interesting hearing all perspectives on the issue. The guidance provided by the regulatory bodies such as the OCC 's Bulletin has been clear regarding what needs to get done, however, there seems to be a lot of confusion regarding the "how" of the requirements.
Enter, "Third-Party Risk Management: Driving Enterprise Value" by Linda Tuck Chapman. In this recently released book, Linda lays out how financial institutions should go about building a world-class third-party risk management program. She does an excellent job of providing deep context on the problem, clear definitions of the risks associated and guidelines on implementation.
From her crystal clear definitions in chapter 1 to her tactics on monitoring in the last section of the book, Linda does a great job clarifying a difficult subject. I'm going to gift this book to all of my banking friends.
The book should be available on Amazon in the coming days. I'll update the post with a link to purchase. In the meantime, I have few to spare so send me a message if you'd like a copy HERE.