Third Party Risk Management for Financial Institutions: Best Practices and Effective Tools
In today's business landscape, most organizations rely on third parties to improve the efficiency of their functions and processes which typically results to increased profitability and decreased operational cost. However, despite various advantages associated with third party relationships, there will always be potential pitfalls that could undermine businesses’ efforts to maximize and utilize outsourcing benefits.
In order to manage these risks, it is important to establish effective processes and comprehensive steps to ensure security and regulatory compliance in a third-party relationship. Businesses should be well-versed with the various risk assessment methodologies that will allow them to oversee and address relevant issues.
In this LIVE Webcast, a seasoned panel of thought leaders and professionals brought together by The Knowledge Group will provide and present an in-depth analysis of the fundamentals as well as recent developments in third party risk management for financial institutions. Speakers will also present best practices and effective tools in light of the recent developments.
Some of the major topics that will be covered in this course are:
- Third Parties and Financial Institutions – Recent Trends
- Third Party Risks for Financial Institutions
- Steps for Staging Risk Assessments
- Managing Third Party Relationship
- Best Compliance Practices for Financial Institutions
Ryan Fayee, Partner
Hughes Hubbard & Reed LLP
Ashley Hodges, Attorney
Hughes Hubbard & Reed LLP
- Third Parties and Financial Institutions
- Definition of “third party”
- Examples of where third parties appear with respect to financial institutions (including FinTech companies)
- Third Party Risks for Financial Institutions
- Money laundering, sanctions evasion, terrorist financing, corruption, and data privacy breaches
- Examples from recent enforcement actions and designations
- Compliance Best Practices for Financial Institutions
- Compliance program must-haves (including with respect to risk-based due diligence, controls, and monitoring)
- Red flags
- Role of technology (e.g., blockchain)
Vladimir ShatiryanAttorney Blake, Cassels & Graydon LLP
- general risk management, regulation guidance, etc.
Who Should Attend:
- Banking and Financial Institutions
- Risk and Compliance Executives
- Financial Reporting Management
- Portfolio Managers
- Board of Directors
- Top Level Management
- Other related professionals/organizations
Ryan Fayhee is a partner who leads the Sanctions, Export Controls & Anti-Money Laundering practice group at Hughes Hubbard and is a member of the Anti-Corruption & Internal Investigations practice group. Prior to private practice, Ryan served for 11 years in the DOJ, where he was a leading prosecutor handling complex investigations and prosecutions affecting the national security and foreign policy of the United States. He also previously served as the National Export Control Coordinator, the principal DOJ attorney overseeing sanctions and export control prosecutions nationally. Ryan represents companies, boards of directors, audit committees and senior executives in internal and government facing cross-border investigations and advises clients on compliance and acquisition due diligence with a focus on sanctions, export controls, anti-money laundering, anti-corruption, and cybersecurity. Ryan has significant experience assisting multinational companies facing crises and other high profile reputational risks. Ryan is also an experienced trial lawyer and regularly represents clients in federal court and before the DOJ, federal law enforcement authorities, and trade regulators at the Office of Foreign Assets Control (OFAC), the Bureau of Industry and Security (BIS), and the Directorate of Defense Trade Controls (DDTC). He is a graduate of Purdue University and Georgetown University Law Center.
Ryan Fayhee is a partner who leads the Sanctions, Export Controls & Anti-Money Laundering practice group at Hughes Hubbard and …
Ashley R. Hodges is an associate in Hughes Hubbard & Reed’s Litigation department, where she works out of the firm’s New York and Paris offices. Ashley’s practice focuses on government and internal investigations, including matters involving the Foreign Corrupt Practices Act (FCPA), the False Claims Act (FCA), the International Traffic in Arms Regulations (ITAR), and the U.K. Bribery Act. Ashley has represented U.S. and international clients across a variety of industries, with an emphasis on financial services, media, and defense. Ashley conducts investigations and complex due diligence on third-party agents and joint venture partners worldwide, and she assists companies with enhancing compliance programs and navigating data privacy matters. In addition to her regulatory compliance and investigations practice, Ashley defends clients in high-stakes civil and criminal cases in federal and state courts as well as arbitral proceedings. She has represented clients in actions initiated by the U.S. Department of Justice, the U.S. Securities & Exchange Commission, and New York state prosecutors. Ashley is a graduate of Howard University and Georgetown University Law Center.
Ashley R. Hodges is an associate in Hughes Hubbard & Reed’s Litigation department, where she works out of the firm’s …
Vladimir’s practice focuses on a broad range of issues impacting Canadian and foreign financial institutions, including banks, insurance companies, credit unions, financial market infrastructures and payment service providers. He advises on business and ownership structures, establishment of financial institutions and foreign bank branches, cross-border banking rules, permitted investments and activities, bank resolution and recovery laws, regulatory compliance management and governance, payment clearing and settlement laws, and other regulatory issues. Vladimir also has expertise in all aspects of Canada’s anti-money laundering legislation and sanctions legislation.
Vladimir has completed a secondment at the Legislation and Approvals Division of Canada’s federal banking regulator, the Office of the Superintendent of Financial Institutions.
Vladimir’s practice focuses on a broad range of issues impacting Canadian and foreign financial institutions, including banks, insurance companies, credit …
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About Hughes Hubbard & Reed LLP
About Blake, Cassels & Graydon LLP
As one of Canada’s top business law firms, Blake, Cassels & Graydon LLP (Blakes) provides exceptional legal services to leading businesses in Canada and around the world. In 2018, Blakes was named the leading law firm brand for the fourth time and third year running in Acritas’ Canadian Law Firm Brand Index. We were also awarded Canada Law Firm of the Year by Who’s Who Legal for the 10th consecutive year and received the highest number of ranked lawyers of any Canadian law firm for the second year in a row in Chambers Global: The World’s Leading Lawyers for Business. In addition, our lawyers continue to be recognized as leaders in their fields in The Canadian Legal Lexpert Directory, Canada's leading guide to lawyers. Blakes is recognized for having Canada’s pre-eminent financial services practice, including the largest and most active financial services regulatory practice in the country.