How Community Banks Are Responding to Third-Party Risk Management Challenges

Third-party risk management, which is increasingly important as financial institutions tap vendors for the digital features and functionality customers demand, can be especially challenging for community banks. Their smaller budgets and staffing make outsourcing to vendors a must in many cases, yet they allow for fewer resources to address the risks and regulatory compliance regarding the use of third parties. With this in mind, RMA regularly updates a library of resources that can ass…