With regulations shifting and oversight requirements becoming more of a priority in recent years, the stakes are higher than ever before when it comes to supplier risk management. Failing to meet regulatory requirements can result in remediation costs, penalties, and reputational damage.
New regulations are driven by trends in the industry including the evolving nature of outsourcing and the Dodd-Frank act causing a greater interest in compliance risk. Even existing regulations are taking on new, more intensive interpretations in attempt to monitor and manage the risks of third party suppliers to financial services companies.
Agencies have honed their focus on regulations, holding institutions to a higher standard, and the Consumer Financial Protection Bureau, created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, is bringing a new authority and perspective to the oversight of financial services companies in attempt to ensure compliance with regulations.
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