Selecting and managing the vendor partners that support your business operations is not a simple task. All of the financial institution regulatory agencies have offered their insights as to what should be done when selecting a third party vendor and how to manage the levels of risk based on the activities of that vendor once you have outsourced part of your business operations to them.

Regulatory agencies acknowledge that the various levels of risk management programs can vary based on the types of outsourcing an institution does, but generally offers six core program elements:

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1. Risk assessments.

2. Due diligence and selection.

3. Contract provisions and considerations.

4. Incentive compensation review.

5. Oversight and monitoring.

6. Business continuity and contingency plans.

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Let Strategic Consulting Associates help your institution navigate the maze of regulations and questions to ensure the very best fit between your financial institution and the vendor(s) you are working with.