FFIEC Industry Outreach participation: S&P / KY3P sharing Third Party Risk Management best practice with US regulators

Regulatory oversight isn't just about changing regulations and the need to comply, but also about understanding regulatory guidance and the need to engage with supervisory bodies. As such, we were honored to be asked to deliver a course on Third Party Risk Management as part of the 2023 Federal Financial Institutions' Examination Council training program. The training was part of ongoing efforts to ensure examiners are up to date on topics linked to the changing economic and regulatory environment.

Area of focus and goals of the FIIEC training program

The course focused on how institutions use data and technology to make better due diligence decisions. It qualifies for FFIEC examiners' continued professional education credits.

Module contents

The course covered the following components:

• Common elements of Third-Party Risk Management (TPRM) in the context of examiners' review mandate in driving regulatory outcomes.
• Global policy landscape: convergence and divergence in operational risk and resilience, sustainability and transparency regulations.
• Common challenges encountered throughout the TPRM lifecycle.
• Best practices for conducting TPRM risk assessments with respect to emerging technologies or fintechs.
• Current trends and the future of TPRM: the emerging role of data in assessing third-party risk.

Contact

If you want to find out more about the program, please contact: Eustathios Triantafellou, Commercial Director KY3P.

S&P Global provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.

This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.