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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