Third Party Vendor Risk Assessment for Financial Firms – Rules, Regulations and Best Practices

This training program will examine who are third party vendors and analyze why it is critical to prepare a risk assessment for third parties. The course will also offer an overview of the potential risks a third party vendor may impose on your firm.

On September 15, 2015, the Office of Compliance Inspections and Examinations (OCIE) issued the 2015 Cybersecurity Examination Initiatives. One of those initiatives relates to how financial firms are conducting due diligence reviews of their Vendors. Many firms are not prepared to conduct this type of due diligence on the firms they partner with. Many of the third party vendors, such as the firm’s CPAs, program providers and outsourced IT firms may not even realize they are subject to this type of scrutiny from their clients, or even understand how to answer their questions. With cyber security and privacy Issues being an on-going area of concern for all areas of finance, the third party vendor and risk assessment will be a focus of regulatory exams as well as a significant business process for years to come.

Areas Covered in the Session :

  • Rules, regulations and best practices concerning third party risk assessment
  • Who are third party vendors?
  • Determination of the third parties
  • The questions to ask third parties
  • Why it is critical to prepare a risk assessment on the third parties?
  • Best practices for monitoring the progress of the assessment
  • Suggestions on the documentation of the assessment
  • An overview of the potential risks a third party vendor may impose on your firm.
  • What those risks could mean for the end-clients, the investors.
  • Educating existing third party vendors on why this type of due diligence is being conducted
  • Creating policies for onboarding new third party vendors
  • Ways to work with the third party vendors to help mitigate the risks.
  • How to select a background firm and audit your current screening practices
Who Should Attend:

  • Audit and Compliance Personnel
  • Risk Managers
  • Operations Managers
  • Chief Operating Officers
  • CPA Firms
  • Attorneys
  • Investment Management/Portfolio Managers
  • Compliance Consulting Firms
  • Outsourced IT Firms/Cyber Security Firms
  • Client Service Managers
  • Human Resources Personnel in Finance or IT

FN2371

Lisa M. Marsden

Lisa M. Marsden, IACCP, is the president and founder of Coulter Strategic Services. Coulter Strategic Services provides financial advisors and consulting firms with compliance and project management services. Prior to that, Ms. Marsden was the chief operating officer/chief compliance officer of Financial Trust Asset Management, Boca Raton, Florida. She has been in the financial services industry for over 25 years. Ms. Marsden has a broad array of talent, knowledge and an entrepreneurial approach in the area of regulatory compliance and business operations.

Ms. Marsden has a degree in computer programming from Keiser University, and holds the Investment Advisor Certified Compliance Professional Designation and Claritas ® Investment Certificate. She was the chief compliance officer/chief technology officer at Steinberg Global Asset Management, Boca Raton Florida and also held positions in the banking trust industry at Midlantic National Bank and Trust, Comerica Bank & Trust and Barnett Bank Asset Management.

Ms. Marsden leads two extremely intelligent groups of local compliance and IT professionals with the goal to help educate themselves, their firms and each other in the area of cyber security and compliance regulation as it pertains to the financial area. She serves on the executive committee of the Financial Planners Association of Greater Fort Lauderdale, and has moderated a cyber-security panel consisting of a Certified Ethical Hacker and Securities and Exchange Commission Examiner for the FPA of Greater Fort Lauderdale’s annual conference, conducted training sessions on the financial regulations regarding cyber security.

membership
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  • Login Information with Password to join the session, 24 hours prior to the webinar
  • Presentation Handout in .pdf format
  • Presentation from the Speaker
  • Feedback form
  • Certificate of Attendance
  • Recording access Information with Password to view the webinar, will be sent 24 hours after the completion of the Live webinar.
  • Presentation Handout in .pdf format
  • Certificate of Attendance