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Vendor Management in 3 Parts. Part 2 – Risk Assessment (or, “will they or won’t they?”)
In Part 1 I said that vendor management, just as any other risk management endeavor, consists of 3 basic phases; Identify the risk Assess the risk, and Control the risk I also discussed why risk identification was a more difficult task today because of the “access to data” question, and also because “data” includes not just NPI, but confidential…
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Vendor Management in 3 Parts. Part 1 – Risk Identification (or, “do they or don’t they?”)
Service provider oversight (aka vendor management) is undoubtedly the hottest hot-button item on the regulator’s agenda right now, and for good reason. For one thing, regulators know that the vast majority of financial institutions outsource at some point, in fact recent studies put the number of FI’s that either transmit, process or store information with…
