Article on Third Party Risk Published on Cover of July 2023 CIO Review
Jul 27, 2023
Eric Bonnell, SVP FLOD Risk Management, Atlantic Union Bank
“Outsourcing ancillary business functions may free you up to focus on your core business. Murphy’s Law dictates that although that may be mostly true, you still must manage expectations, monitor supplier performance, and address operational contingencies when things go wrong. This is the case, in general, to reasonably maintain your business operations; however, if you are a regulated entity, such as a bank, your regulators expect that you demonstrate this third-party (and fourth-party) management in a formal program.”
