As banks and credit unions integrate new technology, the number of software and fintech vendors in their ecosystems keeps growing. This mounting complexity makes comprehensive third-party oversight a major challenge.
Most bank boards and audit committees receive regular updates on the state of their third-party risk management (TPRM) programs. But with complexity growing and changes happening faster than ever, it might be time to do more.
To help you challenge your TPRM program and examine its effectiveness, ask these seven questions: