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Modernizing Vendor Risk Management In Financial Services

Law360, New York (July 25, 2016, 12:59 PM EDT) -- For financial services (FS) companies, contracting with suppliers has become a highly complicated process fraught with risk. FS companies are transferring increasingly large portions of their operations to outside suppliers. Regulators are focusing on the operational risk management associated with contracting with and managing suppliers on an ongoing basis. FS companies are struggling with making the contracting process efficient while managing suppliers and retaining some level of consistency among them — especially suppliers that service more than one part of the organization. Senior business leadership often sees the procurement process as a necessary evil, which at best can reduce some costs...

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