Question: Which supplier failures could cause significant impact to bank operations?
Answer:
During this period of drastic economic changes, the risk of the bank’s suppliers, vendors, and partners either failing or undergoing dramatic changes is real and dynamic. Understanding, monitoring, and managing this exposure is a daunting task that is beyond the time, resources, and capabilities of most banking operations. However, utilizing a risk based approach makes it possible to identity those critical third party relationships that present the greatest exposure to the bank as well as enable the proactive (…versus reactive) management of this risk. An efficient approach to identifying these relationships includes:
Define the scope of discovery required by leveraging an existing inventory of vendor/third party relationships and identifying key contacts across the bank who can pinpoint key relationships
Leverage the findings of this discovery and utilize a “risk weighted” survey of exposure to quantify and rank the risk of exposure in general and to specific third party relationships
Utilize the results to craft a more detailed risk assessment, management and monitoring program
Request an Evantix free trial to see how Evantix uses a unique, pioneering process to deliver vendor risk assessments based on a standardized scoring method that allows all stakeholders to easily evaluate risk, readily share this information, and drastically reduce the cost of risk and compliance management.
Evantix provides on-demand risk intelligence solutions that automate risk analysis for enterprises that outsource to their suppliers. Learn more at www.evantix.com; or contact Evantix directly at 949.614.7075 or Evantix Info.
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