target audience: TECH BUYER Publication date: Oct 2023 - Document type: IDC Perspective - Doc Document number: # US51320823
Third-Party Risk Management
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Abstract
This IDC Perspective discusses third-party risk management. The challenges with respect to the range of regulatory requirements, risk management best practices, expanding view of what defines a "third party," data security, data privacy, and technological solutions that can help banks and broker-dealers to address the needs for third-party risk management are significant. The increasing use of outsourcing by financial institutions and regulatory focus on third-party risk management continues to expand the range of services and demands for third-party service providers. Selecting the appropriate solution to address the third-party risk management needs of each unique financial institution will be an important decision that will require thought and analysis.
"The increasing amount of outsourcing by financial institutions, combined with heightened regulatory focus on third-party risk management, will continue to make the third-party risk management solutions marketplace evolve to address these competing priorities," says Sean O'Malley, research director, IDC Financial Insights' Worldwide Compliance, Fraud, and Risk Analytics Strategies.