Vendor Management: How Model Risk Fits In

With financial institutions increasingly relying on third-party providers to offer their products and services, the associated risks also rise. This educational session will guide you through best practices for developing a simple yet comprehensive Vendor Management Program and a Model Risk Management Program. This webinar will help you understand the depth of due diligence required, starting with your core system and extending to all technology-dependent banking products. You will gain practical insights into integrating these programs within your ERM framework, ensuring robust risk management. Additionally, you will gain a deeper knowledge of the OCC SR Letter 11-7, detailing guidance on Model Risk Management. By the end of the session, you will have a clearer understanding of how Vendor Management and Model Risk Management fit within your ERM program.

Key learning objectives include understanding how the Vendor Management Program fits within ERM, its components, policies, and procedures, conducting vendor due diligence, and performing vendor risk assessments. You will also learn about monitoring and reporting assessment results, defining Model Risk, and establishing your own Model Risk Management Program with practical examples. This session will equip you with the knowledge to manage risks associated with third-party providers and models effectively, ensuring your institution’s resilience and compliance with regulatory standards.

Key Learning Objectives: 

• Integrate Vendor Management within Enterprise Risk Management
• Understand Vendor Management Program Components
• Develop Vendor Management Policies and Procedures
• Conduct Effective Vendor Due Diligence
• Perform Vendor Risk Assessments with Examples
• Monitor and Report Assessment Results
• Define Model Risk and Its Impact on Your Institution
• Follow OCC SR Letter 11-7 with Step-by-Step Guidance
• Establish a Model Risk Management Program
• Identify Examples of Model Risk and Their Effects
• Example of Model Risk Assessment

Who Should Attend: 

Vendor Management Program Managers, 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

Registration information coming soon.