In an era of increasing digital integration and regulatory scrutiny, financial institutions are turning to third-party partnerships to meet customer demands, control costs, and drive innovation. However, this reliance on external vendors comes with significant risks, including data breaches, cyberattacks, and regulatory non-compliance. To address these challenges, financial regulators are tightening oversight, emphasizing the need for comprehensive third-party risk management frameworks. 

This article explores the complexities of managing third-party risks in the financial industry, highlighting key challenges, strategies, and regulatory guidance to help institutions navigate this evolving landscape effectively.

Read the article here.