Federal regulators are urging banking institutions to pay more attention to vendor management in light of recent breaches. The FDIC: Improve Vendor Management is part of GRC [governance, risk management] and that’s the bank’s responsibility, an expert says. As third-party breaches become increasingly common, all banking institutions will be forced to take on more responsibility for vendor management, an analyst says. Due diligence is the responsibility of the institution, not the examiner, he says. Banks should be pushing for more automated auditing for vendor-management relationships, he adds.”]
Source: https://www.bankinfosecurity.com/fdic-improve-vendor-management-a-6053/op-1