|By Business Wire||
|July 25, 2014 08:30 AM EDT||
McGovern Smith Advisors, LLC announces the release of a new thought leadership paper, “3rd Party Risk Management is Broken – Critical Vendors Should be Exam-Ready,” written by partner Paul Reymann.
As Federal Financial Institutions Examination Council agencies bring more attention and effort to managing third-party risk, the topic has become a paramount issue across the payments industry, according to Reymann.
“Are third parties doing enough to protect their bank partners?” he asks. “Not according to the enforcement actions, consent orders, fines, civil money penalties, and risk management mandates imposed on such companies and their financial institution clients.”
During a recent interview on CNBC’s “Squawk Box,” Wells Fargo CEO John Stumpf echoed a similar message stating that third parties are a big area of risk and that the prudent management of third party risk is an important initiative for Wells Fargo, as with all financial institutions.
Whether you are a financial institution or a third party offering services to financial institution clients, the McGovern Smith paper offers an intuitive perspective on the steps that must be taken to improve the compliance and risk management partnership between institutions and third parties.
Reymann has over 28 years in compliance and risk management, including 13 years with the US Department of Treasury. He co-authored the Gramm-Leach-Bliley Act Data Protection regulation. He is the visionary behind outsourced managed compliance products and services to make it easier for businesses to meet today’s tsunami of regulatory challenges.
To download a copy of the white paper visit http://www.mcgovernsmithadvisors.com/resources
About McGovern Smith Advisors
Based in Washington, DC, McGovern Smith Advisors is a payments industry advisory firm comprised of veteran industry practitioners as well as experienced government relations and compliance experts. The firm’s unique combination of experienced industry veterans, deep understanding of the payments industry and comprehensive advisory services means its clients receive advice that is informed, efficient and actionable. McGovern Smith Advisors provides strategic and tactical insights with respect to all forms of payments (debit, credit, commercial, prepaid, etc.) as well as merchant acquiring and emerging payment forms such as mobile and EMV. Clients include financial institutions, program managers, transaction processors, payment networks, technology companies and other companies involved in the payments industry. For more information visit http://www.mcgovernsmithadvisors.com
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