Case Study

Enhanced Vendor Oversight
A Consumer Finance Company needed direction on how the organization could best enhance its third-party management practice. They had received direction from regulators to align their vendor management standards with the most current regulatory guidelines.

The Fed and OCC guidance on third-party vendor management and oversight were updated in the fourth quarter of 2013. However, the organization had not developed a current vendor management policy to reflect this change. We brought the updated guidelines to the attention of the executive management team in order to help them understand the significance that the guidance documents would play in the future risk management at the organization. Additionally, a thorough study of the current and future implications of the guidelines and an analysis of the impact of future vendor management exams by the regulators were presented to the Board of Directors.

We successfully conveyed to the leadership team the gravity the updated guidelines, and presented an actionable plan to address the existing deficiencies. As a result, substantial funding was secured in order to build a robust third-party risk management practice within the organization.