Finding the Right VRM Solution for $25B to $75B Banks

There are fewer than 40 banks in the U.S. managing between $25 billion and $75 billion in assets.

 

These financial institutions have heightened regulatory and organizational challenges when it comes to managing their third- and fourth-party (vendor) relationships as a result of:

  • Higher level of scrutiny from regulatory bodies than smaller banks.
  • Decentralization of stakeholders and subject matter expertise.
  • Multiple affiliates and multiple geographic locations.
  • Unique areas of specialization.

 

“In banking, we talk a lot about having to Know Your Customer, or as it’s often referenced, KYC. Because of their heavy reliance on third- party vendors, banks really need to get to know these entities also,” said Jay Fitzhugh, Executive Vice President and Chief Regulatory Advisor for CMPG Risk Solutions.

 

 

Download the whitepaper now to learn more!