This year, I will team up with Jake McDonald, Director, CBIZ Credit Risk Advisory to deliver a breakout entitled “Third Party Risk Management in the Cloud.” The session will discuss the new compliance challenges introduced by the proliferation of cloud services, and why a different approach is required to enable organizations to take advantage of cloud computing while maintaining compliance. Also included will be a case study of a large global financial institution that is using Trust Exchange to automate and manage compliance processes across a wide range of Amazon Web Services.
Trust Exchange is a “network effect” solution where both all participants can securely share key information required to meet regulatory obligations. This unique solution enables financial institutions of all sizes to to greatly reduce their costs while increasing compliance readiness, especially for complex compliance problems such as third party management. By leveraging Trust Exchange, LID CU’s can gain an advantage, automate this key compliance issue and enable it’s team to focus on their members.