Regulatory requirements for managing third parties

Regulators around the world are increasingly holding organizations accountable for the actions of their third parties; particularly in financial services. In the wake of the 2007-2008 financial crisis, regulators expect financial institutions to practice effective risk management regardless of whether the institution performs the activity internally or through a third party.

While the requirements of specific regulations and regulators differ, the message is consistent: Board of Directors and executive leadership are responsible for ensuring third parties act in compliance with applicable laws.

Financial Services Regulations

Hiperos 3PM ensures compliance with the financial industry’s third party management regulations including:

Life Sciences Regulations

Hiperos 3PM ensures compliance with many Life Sciences regulations requiring third party management including:

Our Approach

Hiperos 3PM takes a risk-based approach to third party management. All third parties are assessed, but the degree of due diligence applied is based on the the level of risk they present.  Hiperos 3PM was purpose-built to enable organizations to assess, manage and monitor a wide variety of third party risks throughout the relationship lifecycle in accordance with CFPB, OCC, FDIC, FFIEC, MAS, HIPAA, HITECH and OIG guidance and demonstrate compliance through auditable reports.

From onboarding, risk assessment, segmentation and due diligence to monitoring and reporting, Hiperos 3PM automates and documents the process so the time, costs and resources necessary for third party compliance are significantly reduced. By simplifying the complexities of compliance, Opus customers are free to focus on their business opportunities. Learn more