Banks grapple with ‘unprecedented’ vendor risk rules

Firms cutting numbers of vendors and hiring more staff to oversee third-party relationships

Market stalls
Caveat vendor: overseeing a multiplicity of suppliers is a concern for banks

Financial industry vendors rarely make the headlines unless the news is bad. And in 2015, the news was often catastrophically bad.

On April 17, a network outage at Bloomberg caused the New York-based data vendor's terminals to go dark for nearly two and a half hours. The outage disrupted trading in Asia and Europe and forced the UK government to postpone a debt auction.

Vendor risk reared its head again on August 24 when an outage at Pennsylvania-based software vendor SunGard, which lasted for

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Investment banks: the future of risk control

This survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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