Consumer Compliance Outlook
Vendor Risk Management - Compliance Considerations
Outlook Live Webinar
Wednesday, May 2, 2012
||11:00 a.m. - 12:00 noon Pacific
|12:00 noon - 1:00 p.m. Mountain
|1:00 p.m. - 2:00 p.m. Central
|2:00 p.m. - 3:00 p.m. Eastern
Financial institutions are increasingly relying on third party vendors to perform critical functions on their behalf. For example, third parties are often utilized to deliver products and services to consumers, prepare disclosures, or service loans. While these relationships may prove beneficial, financial institutions retain ultimate responsibility for compliance, and outsourcing presents a variety of compliance-related risks that must be managed. In particular, bank management should have a program in place to ensure its vendors comply with Federal banking laws and regulations. In addition, bank management needs to fully understand how the vendors' activities impact consumers, while ensuring that these activities do not result in any unfair or deceptive acts or practices.
With these considerations in mind, Federal Reserve Bank of San Francisco staff will highlight the risks associated with using third party relationships and ways to manage and monitor vendor relationships to mitigate those risks. During the webinar, they will also highlight a number of common vendor relationships and some potential issues surrounding those arrangements that have been noted on recent examinations.
This webinar is part of an ongoing series of events focused specifically on consumer compliance issues. The “Outlook Live” Audio Conference is a Federal Reserve System initiative produced in conjunction with the quarterly newsletter Consumer Compliance Outlook.