Guidance for Managing Third-Party Risk Chicago Region Regulatory Conference Call December 8, 2010.

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Presentation transcript:

Guidance for Managing Third-Party Risk Chicago Region Regulatory Conference Call December 8, 2010

22 Teresa Sabanty, Assistant Regional Director, Compliance FIL , Guidance for Managing Third-Party Risk PowerPoint Presenters – Senior Compliance Examiners: - Ruben Baez - Christopher Lombardo Introduction

33 Background. Potential Risks Arising from Third-Party Relationships. Risk Management Process. FDIC Supervision of Third-Party Relationships. Questions. Closing Remarks. Agenda

44 Third-Party Relationships Defined. Third-Party Uses. Third-Party Risk Management Process. Background

55 Strategic. Reputation. Operational. Transaction. Credit. Compliance. Other. Potential Risks Arising From Third-Party Relationships

66 Managing Third-Party Risks Four Elements of Managing Risk Risk Assessment. Due Diligence. Contract Structuring. Oversight.

77 Risk Assessment Strategic Fit. Cost/Benefit: Dollars and Risk/Reward. Management Capability. Long-Term vs. Short-Term.

88 Due Diligence Third-Party Evaluation Criteria: -Financial Condition. -Experience. -Business Reputation. -Strategies and Goals. -Complaints, Regulatory Actions, or Litigation. -Ability to perform using current systems.

99 Due Diligence Third-Party Evaluation Criteria (continued): -Use of Subcontractors. -Scope of Controls, Privacy Protections, and Audit Coverage. -Business Continuity Plans. -Knowledge of Consumer Protection Laws and Regulations. -Management Information Systems. -Insurance Coverage.

10 Contract Structuring & Review Scope. Cost/Compensation. Performance Standards. Reports. Audit. Confidentiality & Security.

11 Customer Complaints. Business Resumption & Contingency Plans. Default & Termination. Ownership and License. Indemnification. Limits on Liability. Contract Structuring & Review

12 Board and Management are Responsible. Monitoring. Reporting to the Board. Oversight

13 Evaluation of overall effectiveness of the program or arrangement. Continuing consistency with the bank’s strategic goals. Compliance with laws and regulations. Review of testing interactions with customers. Review of complaint resolutions. Review of audits and corrective action. Licensing or registrations. Financial condition. Changes, including key individuals. Meeting to discuss performance or operational issues. Oversight - Monitoring

14 FDIC FIL Primary Federal Regulator Notification Third Party Relationships Involving: Bank Service Company Act  Check or deposit item processing.  Core processing.  Preparation and mailing of checks, statements, or notices.  Any other clerical, bookkeeping, accounting, statistical, or similar functions.

15 Board and Management Responsibility. Examination Procedures. Report of Examination Treatment. Corrective Actions. FDIC Supervision of Banks’ Third-Party Relationships

16 Questions & Answers

17 FIL Guidance for Managing Third-Party Risk FIL Revised IT Officer’s Questionnaire FIL Foreign-Based Third-Party Service Providers FIL Guidance on Response Programs FIL Computer Software Due Diligence FIL Country Risk Management FIL (b) Examination Guidance FIL Bank Technology Bulletin: Technology Outsourcing Information Documents FIL Security Standards for Customer Information FIL Risk Management of Technology Outsourcing FIL Bank Service Company Act FFIEC IT Handbooks –Outsourcing Technology Services –Supervision of Technology Service Providers References

18 For any questions related to the material presented in this Regulatory Conference Call, you may contact via Ruben Baez or Christopher Lombardo at Contacts