Third-Party Risk Management in Banking

Q1. Could you start by giving us a brief overview of your professional background, particularly focusing on your expertise in the industry?

20+ years of proven leadership experience and a strong track record in risk & control with experience in implementing risk and control techniques, e.g., risk identification, control assessment, risk mitigation, and management, ideally gained via working knowledge of Operations or Operational Risk Control/Management.

Q2. What are the emerging technologies for Third-party risk management (TPRM) in banking?

Some of the key emerging technologies involve Gen AI, which focuses on scalable tech-led processes for dynamic risk management, continuous AI monitoring for real-time risk identification, and using Gen AI for data insights to proactively manage risks.

Q3. Who are the leading TPRM solution providers in the banking sector?

• One Trust
• UpGrad
• RiskRecon
• Bitsight

Q4. How is the RegTech sector evolving to address TPRM needs in banking?

• Centralized oversight & governance
• Adaptive contractual requirements
• Ongoing monitoring
• Incident Management Framework

Q5. What risks do third-party vendors pose, and how are banks ensuring their vendors adhere to robust data protection standards?

• Cyber security
• Compliance
• Operational Risk
• Reputational Risk
• Strategic Risk
• Business Continuity Risk

Q6. What are the main challenges banks face in integrating TPRM…