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Having third-party relationships is crucial for businesses to be able to achieve their goals. Given the nature of the relationship, third-party vendors typically get access to confidential information that shouldn’t be used for any other purpose than what is stated in the business agreement. If that information isn’t kept secured, there could be devastating consequences for the business and their stakeholders.

With the fall of Silicon Valley Bank in early March, it is important for financial services organizations to understand what the state of their vendors’ business is to make sure their information isn’t at risk. BAI has put together an article on Vendor Management considerations to help financial services organizations know what they need to include in their policies to make sure they are properly protected in their vendor agreements. Key components of the article include:

  • A summary on risk management
  • Who is affected
  • Issues to be considered
  • Reporting requirements
  • And more

Want to learn more on how to properly implement or update your policies on third-parties? Download BAI’s “Vendor Management” article.