From the Advice Worth Keeping podcast series
Hosted by Stan Lepeak, Global Research Director,
KPMG LLP Management Consulting
The proliferation of third-party vendor use by financial services organizations has increased exponentially in the past decade with greater reliance on a services supply chain to deliver value to end customers.
However, Eugene Kublanov and Greg Matthews, managing directors in KPMG's Advisory practice, explain that the focus on outsourcing vendor compliance and risk management has severely lagged behind the expansion of the global services supply chain.
Listeners will gain an understanding of:
- How recent changes in the regulatory environment impact compliance, risk and third-party vendor management
- The challenge of determining which internal function of the financial organization is ultimately responsible for compliance and the risk that third parties generate
- How to properly perform due diligence when selecting a service provider or evaluating the retention of an existing provider
- The four key elements of effective third-party governance
- The tools that are available at the front end to help determine the financial stability and reputational risk associated with third parties, as well solutions that will help the ongoing monitoring and management of third parties
Duration: Less than 21 minutes
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