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    financial-services-third-party-risk

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    © All Rights Reserved
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    13 views8 pages

    Financial Services Third Party Risk

    Uploaded by

    sumodh
    financial-services-third-party-risk

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 8
    _ INI Dally IiSk management kpmg.com Financial Services third party risk management (TPRM) framework ‘The TPRM Wheel Key take aways: Background i. Serutiny by the US Banking regulatory agencies over financial KPMG's TPRM Wheel is founded on land continues to evolve} institutions’ TPRM programs has increased and continues toto align to the guidance issued by the US Financial Services ‘evolve as evidenced by the number of and specificity within regulatory agencies for establishing and enhancing TPM Matters Requiring Attention ("MBs") and other issues ‘programs (e.g. OCC 13-29, FRB SR 13-19, and FFIEC Appendix provided to financial institutions. J}. As financial institutions establish and enhence their TPRM programs for sustainability, we present the TPRM Wheel ‘overview along with commonly noted implementation challenges ‘being seen across the industry, ii Leading financial insttutions have established TPRM programs to address baseline requirements and are continuing work towards sustainable business processes that address more specific requirements and practices. ii. Many financial institutions have yet to address the broadening specificity contained in regulatory feedback beyond baseline requirements. Is your institution with the leaders or lagging in regards to regulatory expectations? KPMG’s TPRM Wheel KPMG's TPRIV Wheel aligns the requirements from regulatory guidance into six framework elements as depicted below: Rey Coa ae Sea cag Sarat perations risk) ics i ic ence Cg Sree cs ses ies and procedures Ps Third party Saaeaat annie ees a ae eee rent — Key performanc ay atts = Paftaymenceemen fi enon) ag — Process automation rea People ee eee ii Se Sree mee ey — Performance | eae ree] a eer) Each of the framework elements present different but often interelated challenges. The following sections {describe each framework element along with common implementation challenges we have helped our clents address when implementing or enhancing their TPRM program for sustainabilty. (92017

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