Regulatory SaaS provider Opus has released the results of a survey which show companies are slowly adjusting their third-party management oversight efforts. The survey was conducted by Hiperos, a third-party management platform owned by Opus.
The key findings are:
- 84% expect regulatory pressure for third-party management to increase in the next three years;
- 48% describe their leadership as only partially engaged in third-party oversight efforts;
- 58% categorize their organization’s third-party oversight as well defined, but still settling in;
- 70% say their oversight protocol is applied consistently, but still settling in.
The results suggest that while American financial institutions are paying more attention to know-your-third party regulation, they struggle wth the intricacies of managing their service providers as internal and external expectations increase.
“Third-party management is a complex task that has been attracting more oversight from regulators because of the risks these relationships bring to financial institutions,” Hiperos Senior Vice President of Sales Mark Deluca said. “With the need to vet and manage thousands, or even tens of thousands of third party providers, technology is the only way to handle this task efficiently.”