Join Miller Thomson’s Myron Mallia-Dare on May 13, 2020 at 8:30-9:30am EST as he moderates a webinar discussion on “Conquering the Complexity – Managing Third-Party Risk” with the Canadian Regulatory Technology Association.
Organizations have long relied on third parties for specialty services, competitive advantage, operation efficiency and cost savings. Many organizations are re-thinking the nature of their work and introducing more third-party relationships, greater automation, analytics and artificial intelligence (AI) to enhance previously human performed jobs. These technologies introduce new types of risks and fundamentally alter business and operating models within financial institutions and can negatively impact a firms reputation if not manages properly. As the third-party ecosystem expands, risk management must adapt, develop and maintain their risk control frameworks.
This session will discuss:
- Different types of non-financial risks and their prevalence and materiality within Canadian financial institutions and the broader financial services sector
- How firms are altering their risk management and control frameworks and to what extent they are using technology?
- To what extent are traditional resilience measures effective and what other types of measures/guidance can regulators put in place to manage operational risks?
- What types of alterations are needed to the procurement life-cycle and oversight framework? e;g. adequate safeguards of client and proprietary data, appropriate recourse against financial loss / reputational damage if third party supplier fails to protect; modifications to third-party attestations and control reports, changes to 2nd line of defense challenge etc.
Live Recording on May 13th 8:30-9:30am EST via Zoom webinar format.
May 13, 2020