Vendor Management Consulting.
Financial Institutions are required to create and maintain policies to ensure the internal controls of a third party vendor or Technology Service Provider (TSP), the maintenance and upkeep of a third party provider’s systems (if applicable), and the financial condition of a third party vendor is carefully evaluated prior to the allowance of such support services to begin, and as an ongoing condition of continuing support of such products or services. This requirement is getting a great deal of attention from the regulators on both the Bank and Trust sides of the business.
One of the issues that organizations find that they need to address is the modification or adaptation of the overall Bank policy to the realities of the Trust business. This is not always allowed by the Risk Management oversight but when it is, there is a great opportunity to create a practical comprehensive Vendor Management Policy and Procedures for the Trust organization.
Specific vendor management services such as Trust Accounting Systems Due Diligence and Selection projects, Investment Advisors Due Diligence, Trust Brokerage Due Diligence and Broker Dealer Partnership Evaluations are also provided by the firm.