Manage third party risks in accordance with financial regulations.

Regulators have made clear that when a bank outsources functions to third parties, the bank is still responsible for managing risks associated with those functions. When the list of third parties – vendors, suppliers, distributors, partners and others – runs in the hundreds or thousands, managing their risks manually with spreadsheets becomes time-consuming, resource-intensive, error-prone and often ineffective.

Hiperos 3PM Banking Accelerator enables banks to manage third party risks more efficiently and cost-effectively. Automated, data-driven workflows identify the bank’s third parties, the nature of the relationships, the inherent risks of the relationships, type of due diligence required, controls necessary to mitigate the associated risks and the residual risks once the controls are in place.

Ensure Compliance at a Lower Cost

Chart of Productivity Increases Associated with Using Hiperos 3PM for Third-Party Risk Management

Benefits

  1. Pre-configured for rapid deployment
  2. Consolidated view of all third parties
  3. Accelerate & simplify processes
  4. Ensure appropriate due diligence
  5. Dynamically manage compliance with risk-based controls
  6. Generate audit reports automatically

Regulator

  • Consumer Financial Protection Bureau
  • Federal Deposit Insurance Corporation
  • FFIEC
  • Officer of the Comptroller of the Currency
  • Federal Reserve Board
  • New York State DFS
  • National Credit Union Administration
  • Financial Conduct Authority