Empowering Community Banks resonated with us.
Michelle W. Bowman, member of the Board of Governors of the Federal Reserve System, recently spoke at the Conference for Community Bankers (February 10, 2020). As third party risk management (TPRM) subject matter experts, Ms. Bowman’s perspective on Empowering Community Banks resonated with us.
Here are three examples:
- Experience in the financial services industry, community banks in particular, is a significant benefit to providing vision and TPRM solutions. Our team provides that advantage to you through client advocacy. We draw on several decades of boots on the ground in financial institutions and hands on day-to-day TPRM operations.
- Consolidating multiple versions of regulatory agency guidance into a consistent set of requirements makes a great deal of sense — starting with the adoption of the Office of the Comptroller of the Currency’s (OCC) guidance as a first step. Our TPRM services can be used together or a la carte depending on your institution’s size and needs. Successful due diligence (pre-contract and ongoing) IS possible. Building a solid TPRM foundation that is based on regulatory guidance IS expected. In fact, that is our wheelhouse.
- Resources in community banks are stretched thin and your employees are too valuable to waste on inefficient and duplicative TPRM activities. Our partnership with you eliminates the costly burden and overwhelming workload associated with vetting vendors, collecting and evaluating complex due diligence documentation, and effectively monitoring your outsourced service provider risk.
We encourage you to read Ms. Bowman’s entire speech here: https://www.federalreserve.gov/newsevents/speech/bowman20200210a.htm