The Financial Services Committee discussed various topics, including the impact of the Bank of England's ruling on critical third parties, the importance of supply chain & geopolitical risk management, and the FFIEC's updated handbook. Key points included the need for proactive monitoring of critical vendors, leveraging data sources, and understanding the financial stability of vendors. The committee emphasized the importance of aligning third-party risk management programs with regulatory expectations and maintaining up-to-date policies. They also highlighted the necessity of involving senior management and compliance teams in analyzing and addressing regulatory changes to ensure compliance and resilience.
