Chris Monk, Managing Director with Protiviti, to Speak at The Knowledge Group’s Webinar: Vendor Risk Management for Banks & Financial Institutions on August 4

New York, NY, July 15, 2016 --(PR.com)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, announces today that Chris Monk, a Managing Director with Protiviti, will speak at The Knowledge Group’s webcast entitled: “Vendor Risk Management for Banks & Financial Institutions.” This event is scheduled for August 4, 2016 from 12:00 pm to 2:00pm (ET).

For further details, please visit: https://theknowledgegroup.org/event-homepage/?event_id=1965.

About Chris Monk

Chris Monk is a Managing Director with global consulting firm Protiviti (protiviti.com) and a member of the leadership team for Supply Chain Solutions. Monk has over 15 years of experience in supply chain management, both within industry and serving clients as a consultant. He has a proven track record of analyzing, improving, and transforming organizations, delivering performance improvement and sustainable cost savings for clients across a number of industries. His areas of focus include S&OP, sourcing and procurement, accounts payable, enterprise contract management, supplier performance management, and third-party risk management. He is a published thought leader and has been recognized by Supply and Demand Chain Executive Magazine as a Pro to Know.

Monk has assisted financial intuitions of all sizes in the assessment, design, and implementation of leading vendor/third party risk management programs. This includes helping companies address overall 3PRM strategy and policy, risk management lifecycle processes, organization design and roles, management reporting/monitoring, risk assessment and third-party segmentation methodology and tools, and enabling technologies.

Abstract

In response to market changes, banks and financial services companies are increasingly relying on an extended network of suppliers and third-parties to perform vital functions, serve customers, and face the market. While beneficial in many ways, third-party relationships also present various risks and exposure to potential significant financial loss, reputation damage, and supervisory action. There are many recent, public examples of theft of customer data, consumer compliance violations and extreme loss in market capital resulting from breaches by third-parties.

Banks and other financial services companies can have strong physical security and internal controls. However, one mistake from a third-party can compromise a company’s well-established reputation and result in fines, penalties, legal fees and remediation costs. Various regulations including those issued by the Office of the Comptroller of Currency (OCC) and Federal Reserve Bank (FRB ) outline expectations for vendor and third-party risk management oversight at a broad “program” level and establish governance expectations across an organization. The Federal Financial Institution Examination Council (FFIEC) released the IT Technology Examination Handbook in November 2015, and many financial institutions were caught by surprise. FFIEC now holds the entire organization and board members responsible in ensuring the viability of a third-party IT provider’s cybersecurity resiliency and disaster recovery. Over the past few years, regulatory enforcement actions related to violations resulting from third-parties have been public and expensive. Regulators now expect financial services companies to know their third parties, how each of them interacts with consumers and other stakeholders, what risks are presented in the relationship, and effective management of those risks.

In this two-hour live webcast, a panel of key thought leaders and professionals brought together by The Knowledge Group will provide the audience with an overview of the increasingly significant issue of Third Party Risk Management. The Webcast will highlight current trends in the regulatory environment, methodologies for effective third party lifecycle management, potential risks for consideration and how to assess and monitor those risks, as well as other best practices, tools and techniques. The panel will also offer perspective in identifying and minimizing potential business uncertainties and legal liabilities.

Key issues that will be covered in this course are:

Third Party Risk Management: An Overview
Practical Guidance for Third Party Lifecycle Management
Effective Approaches to Third Party Risk Assessments and Risk-based Monitoring
TPR Software Considerations – What and When to Consider

About The Knowledge Group/The Knowledge Congress Live Webcast Series

The Knowledge Group was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format. For contact information or to register for an event, please visit: http://theknowledgegroup.org/