Risk Management Framework Implementation For TPRM

Third party risk management framework and FED/OCC approval for a financial services company

  • Client

    Financial Services Company

  • Services

    Consulting

  • Areas of Expertise

    Financial Services, Accounting & Finance

  • Industry

    Banking

Our Challenge

Vendor and Risk Management

A financial services company, offering a full-suite of online brokerage, investing and related banking solutions, needed to establish a Vendor Risk Management Framework and Program of third-party vendors. Vaco was engaged to implement the Framework and provide expertise on Vendor Management and Sourcing Design. To develop and implement the TPRM Framework, the Vaco team started by producing a tiered assessment of the company’s vendors from critical to less relevant and establishing a framework for the SLAs signed with vendors.

Our Solution

Expert Guidance = Framework Improvement

Vaco’s expertise in vendor risk management led to an improved third party risk management framework and FED/OCC approval. The Vaco team played a key role delivering support for: Project Management, Strategy, Systems Selection/Installation, Performance Monitoring Tools, Organizational Deployment, Vendor Onboarding and Subject Matter Expertise on best practices for managing vendor risk.