Dwight C. Smith, III, Partner with Nelson Mullins Riley & Scarborough LLP to Speak at The Knowledge Group’s Vendor Risk Management for Banks & Financial Institutions

New York, NY, July 13, 2016 --(PR.com)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Dwight C. Smith, III, Partner with Nelson Mullins Riley & Scarborough LLP will speak at The Knowledge Group’s webcast entitled: “Vendor Risk Management for Banks & Financial Institutions.” This event is scheduled for August 4, 2016 from 12:00 pm to 2:00pm (ET).

For further details, please visit: https://theknowledgegroup.org/event-homepage/?event_id=1965

About Dwight C. Smith, III

Dwight Smith is a partner of Nelson Mullins Riley & Scarborough LLP in Washington, D.C., where he focuses his practice on bank regulatory and consumer finance matters. He began his banking work during the savings and loan crisis and its resolution during the late 1980s and early 1990s, experience that set the stage for his practice during the financial crisis and its aftermath. During more stable periods in the industry, he has advised on both the institutional and consumer sides of banking. His clients include community, regional, and large banks and thrifts across the country and nonbank consumer finance companies.

About Nelson Mullins Riley & Scarborough LLP

Nelson Mullins Riley & Scarborough LLP offers the strength and resources of attorneys and professional staff experienced in a range of services. We provide advice and counsel in litigation, corporate, economic development, securities, finance, intellectual property, government relations, regulatory, and other needs of clients ranging from private individuals to large businesses, including many publicly held companies. Established in 1897, Nelson Mullins has more than 500 attorneys and other professionals with offices in the District of Columbia, Florida, Georgia, Massachusetts, North Carolina, South Carolina, Tennessee, and West Virginia.

Abstract

In response to market changes, banks and financial services companies are increasingly relying on an extended network of suppliers and third-parties to perform vital functions, serve customers, and face the market. While beneficial in many ways, third-party relationships also present various risks and exposure to potential significant financial loss, reputation damage, and supervisory action. There are many recent, public examples of theft of customer data, consumer compliance violations and extreme loss in market capital resulting from breaches by third-parties.

Banks and other financial services companies can have strong physical security and internal controls. However, one mistake from a third-party can compromise a company’s well-established reputation and result in fines, penalties, legal fees and remediation costs. Various regulations including those issued by the Office of the Comptroller of Currency (OCC) and Federal Reserve Bank (FRB ) outline expectations for vendor and third-party risk management oversight at a broad “program” level and establish governance expectations across an organization. The Federal Financial Institution Examination Council (FFIEC) released the IT Technology Examination Handbook in November 2015, and many financial institutions were caught by surprise. FFIEC now holds the entire organization and board members responsible in ensuring the viability of a third-party IT provider’s cybersecurity resiliency and disaster recovery. Over the past few years, regulatory enforcement actions related to violations resulting from third-parties have been public and expensive. Regulators now expect financial services companies to know their third parties, how each of them interacts with consumers and other stakeholders, what risks are presented in the relationship, and effective management of those risks.

In this two-hour live webcast, a panel of key thought leaders and professionals brought together by The Knowledge Group will provide the audience with an overview of the increasingly significant issue of Third Party Risk Management. The Webcast will highlight current trends in the regulatory environment, methodologies for effective third party lifecycle management, potential risks for consideration and how to assess and monitor those risks, as well as other best practices, tools and techniques. The panel will also offer perspective in identifying and minimizing potential business uncertainties and legal liabilities.

Key issues that will be covered in this course are:

- Third Party Risk Management: An Overview
- Practical Guidance for Third Party Lifecycle Management
- Effective Approaches to Third Party Risk Assessments and Risk-based Monitoring
- TPR Software Considerations – What and When to Consider

About The Knowledge Group/The Knowledge Congress Live Webcast Series

The Knowledge Group was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format. To contact or register for an event, please visit: http://theknowledgegroup.org/