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Third Party Vendor - Risk Assessment for Financial Firms, Rules Regulations and Best Practices

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  • Speaker: LISA MARSDEN, IACCP

      Duration: 60 Min

      Product ID: TL000030

      Course Level: Advanced


This training program will examine who are third party vendors and analyze why it is critical to prepare a risk assessment for third parties. The course will also offer an overview of the potential risks a third party vendor may impose on your firm.

Why should you Attend

To gain an advantage in the ever-evolving regulatory landscape of the financial services industry. On September 15, 2015, the Office of Compliance Inspections and Examinations (OCIE) issued the 2015 Cybersecurity Examination Initiatives. One of those initiatives relates to how financial firms are conducting due diligence reviews of their Vendors. Many firms are not prepared to conduct this type of due diligence on the firms they partner with. Many of the third party vendors, such as the firm's CPAs, program providers, and outsourced IT firms may not even realize they are subject to this type of scrutiny from their clients or even understand how to answer their questions. With cyber security and privacy Issues being an on-going area of concern for all areas of finance, the third party vendor and risk assessment will be a focus of regulatory exams as well as a significant business process for years to come.

Learning Objectives

  • Who are third party vendors?
  • Why it is critical to prepare a risk assessment on the third parties?
  • An overview of the potential risks a third party vendor may impose on your firm.
  • What those risks could mean for the end-clients, the investors.
  • Ways to work with the third party vendors to help mitigate the risks.
  • Types of questions to ask third party vendors in order to facilitate risk assessment.

Areas Covered in the Session

  • Rules, regulations and best practices concerning third party risk assessment
  • Determination of the third parties
  • The questions to ask third parties
  • Best practices for monitoring the progress of the assessment
  • Suggestions on the documentation of the assessment
  • Educating existing third party vendors on why this type of due diligence is being conducted

Who will Benefit

Financial Advisors, Financial Services Personnel, Auditors, Regulatory Consultants, Financial Planners, Insurance, CPA, Accountants, Securities Attorneys, Private Equity, Operations Managers, Client Service Managers, Chief Compliance Officers, Compliance Officers, Compliance Analysts.

 

Guest Speaker

LISA MARSDEN, IACCP, Financial Advisor

Lisa M. Marsden, IACCP ®, is the president and founder of Coulter Strategic Services. Coulter Strategic Services provides financial advisors and compliance consulting firms with compliance and project management services as well as customized compliance training. Prior to starting her own firm, Ms. Marsden was a partner and member of the C-Suite at Financial Advisory Firms in Boca Raton Florida. She has been in the financial services industry for over 25 years. Ms. Marsde  More Info