In today’s market place, companies are increasingly outsourcing tasks to third party vendors in an effort to reduce operating costs and increase their focus on core functions. While there are many benefits to using a third party vendor, there can also be significant risk. The Office of the Comptroller of the Currency (OCC), CFPB and several other federal regulators have laid out regulations governing these relationships. Companies need to proactively screen their vendors to identify potential risk, to verify that business practices are compliant with federal regulations and to monitor for any new changes that might present an increased risk.
Date: February 2015
Format: White Paper