Recent regulatory changes are requiring that banks monitor all of their third party relationships for the life of the contract. Banks must monitor service providers’ operational performance, required licenses, certifications and financial stability for the entire term of the engagement. Currently, banks bear the entire cost of researching and tracking this data for each of their suppliers.
With Trust Exchange, banks can monitor all of their vendors, create custom risk ratings for each vendor as well as custom operational certifications and have these events pushed to the banks proactively. This gives the bank increased visibility into the operational performance and risk among all of their vendors as well as reducing the cost of creating and maintaining such a program by requiring the service providers to submit the data directly.
About NYBA: Since 1894, it has been the New York Bankers Association’s primary mission to be the State’s preeminent provider of legislative and regulatory services to a unified banking industry. Over the years, the Association’s mission has grown to include educational programs, public relations, political action and member services geared to enhance the profitability and stature of New York ’s banking industry. Today, the New York Bankers Association represents community, regional and money center commercial banks and thrift institutions in New York State with 200,000 employees and more than $10 trillion in aggregate assets. Several years ago, NYBA merged with the Community Bankers Association of New York State, strengthening further the unified voice of New York ’s banking industry.
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