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The FDIC noted in April that it's seeing gaps in banks' vendor contracts.
Ranking vendors based on risk to your bank is mandatory.
Managing Vendor or Third Party Risks In 2008, regulators introduced a concept banks know as third party or vendor risk (vendor risk).
Start by reviewing the regulatory guidance on vendor risk management.
To begin, bankers should conduct a risk assessment of each vendor.
One of the most prominent risks associated with banks, technology and third-party vendor relationships, is also a regulatory risk.
A recent experiment found cybercriminals would be significantly more successful in their phishing efforts if they were to add AI to those efforts.
Some banks are making other applications available through their bank app to add value and bring in more customers.
Vendor Risks Fed research finds vendor risks can be reputational (dissatisfied customers, violations of laws or regulations, enforcement actions), operational (loss from failed processes or systems), transactional (problems with service or product delivery), credit (unable to meet contract term), compliance (violations of laws, rules or regulations; non-compliance with policies or procedures, deceptive marketing, discriminatory lending, privacy).
A recent survey finds more banks are feeling pressure in managing risk across all lines of business.