Third-party risk ‘converging with KYC’ amid regulatory drive
Risk Live: Banks seek annual supplier contract reviews to comply with new resilience requirements
Risk managers say the growing regulatory focus on third-party risk management (TPRM) is driving financial institutions to develop frameworks that resemble existing know-your-client processes used to fight against money laundering.
“I see the TPRM world entering a KYC-like framework in terms of knowing suppliers…, that’s the only way,” said Jeff Simmons, former chief risk officer at MUFG Securities
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