KY3P® - What will regional banks achieve through their collaboration
Regional Banks dicuss how they plan to leverage their alignment to achieve costs savings, a streamlined onboarding process and increased efficiencies in the vendor onboarding lifecycle.
What are the Regional Banks looking to achieve with their collaboration?
Brendan Murphy - Risk & Compliance Manager | US Bank - We're looking to achieve several things with our collaboration with KY3P. One of those would be savings on cost and time that it takes to conduct a third party risk assessment and overall just to complete the third party risk management processes. We're also looking to accelerate the onboarding of new third parties, as well as increase that speed to market of new products or enhanced products that our business lines rely upon to conduct business.
Kathryn Hardman - Director of Third-Party Management Office | BBVA - I think what the regional banks are looking to achieve with the collaboration with KY3P has been to be able to streamline questions to get better responses from the vendors. One of the key struggles that we have had is vendor response time - not that they're not willing to provide but that they're getting these questions and document request from multiple vendors or you know, their clients essentially. So, it takes them a long time, especially the ones that have a lot of higher risks.
Robert Koszkalda - Director of Third-Party Risk Management & Senior Vice President | Key Bank - The regional banks as part of their third-party risk management consortium, want to collaborate so that we can do risk management in a more efficient and effective manner. So, for example, we all do assessments right now, the assessments are always very similar to other people's assessments. And so, what we want to do is do that assessment once and apply the results multiple times. And as we apply those results, we can have our own risk practices determine how effective or ineffective those assessments are.
Matt McKillop - Head of Third-Party Risk Management | Citizens Bank - The standardization of the process is a big thing for us. The collection and gathering of due diligence information is not a competitive thing in any way. It's really about how do we get that more efficiently, and then we can do our risk processes internally. So, we're really trying to gain some sense of the cycle time improvement in our ability to onboard new vendors to the bank and using a standard way with us with a consortium like this, we believe that they will achieve that pretty quickly.
Get in touch to learn more: KY3P@ihsmarkit.comor visit our KY3P homepage.