Vendor Management Program – How Model Risk Fits In | Community Bank

Topic: ERM
Audience: Community Banks
Format: 90 Minute Webinar

Community Bank Vendor Management Program Training and How Model Risk Fits In. With community banks increasingly relying on third-party providers to offer their products and services comes increased risk. Starting with the core system, should you outsource it or keep it in-house? And following with the rest of all the banking services you offer to your business clients that depend on technology, how in depth should your due diligence be? In this educational session, Marcia provides best practices based on the FFIEC IT Examination Handbook to help you develop a simple yet comprehensive vendor management program.

In addition, along with vendor management, which includes all the third-party providers of systems and software, comes yet another risk—model risk. The presenter will explain step by step the OCC SR Letter 11-7 following their guidance on model risk management. You will walk away with a clearer understanding of where vendor management and model risk management fit it within your Enterprise Risk Management (ERM) program.

Topics Covered:

How Vendor Management Program fits in within Enterprise Risk Management
Vendor Management Program Components
Vendor Management Policy and Procedures
Vendor Due Diligence
Example of Vendor Risk Assessment
Monitoring and Reporting Assessment Results
Definition of Model Risk and how it applies to your Institution
The OCC SR Letter 11-7 – A Step by step explanation
Examples of Model Risk – How it affects your institution
Example of Model Risk Assessment
How to establish your own Model Risk Management Program

Who Should Attend

Chief Risk Officers, Risk Managers/Leaders, Chief Credit Officers, Chief Financial Officers, Compliance Officers, Internal Auditors, IT personnel, Presidents involved in the risk management process and their ERM program.

Why You Should Attend

To learn what vendor management is about, obtain tools and take initial steps to create a complete yet simple vendor management program in your institution. This webinar will help your institution identify key vendor relationships and conduct the appropriate due diligence. In addition, you will learn how model risk fits in the vendor management and how model risk affects your institution from a simple Excel spreadsheet to the more complex reports produced by your core system.

Key Learning Objectives

Increase overall knowledge of Vendor Management and what it means to have a Vendor Management Program
Understand how Vendor Management is part of your ERM Program
How to complete the Model Risk Assessment which is part of the ERM Risk Assessment
Benefits of having a Vendor Management Program established
Benefits of having a Model Risk Management Program in place