Press Release

New whitepaper looks at new rule of accountability; provides an overview of areas that banks must improve to mitigate vendor risk; and offers insights on choosing a vendor risk management solution

Warren, New Jersey – March 17, 2015 – Vendor risk and cyber threat intelligence innovator Prevalent today announced the release of a new whitepaper, “OCC 2013-29: Taking a Comprehensive Approach to Third-Party Risk Management.”

Written by Brad Keller, director of Third-Party Risk & Compliance for Prevalent, the whitepaper highlights one of the biggest changes established by OCC 2013-29 – compliance is no longer an issue assigned to a bank or financial institution’s board of directors – senior management now shares this responsibility.

“Since the OCC 2013-29 Bulletin was released in October 2013, this change alone has been the cause of much concern for banks’ vendor risk managers, many of whom are still grappling with how to best satisfy their new regulatory responsibilities,” says Keller. “We developed this whitepaper to take a closer look at the key provisions of the Bulletin, and provide banks managers with some strategies they can follow to both meet the requirements of the law, and mitigate vendor risk within their financial institutions.”

Key areas addressed by “OCC 2013-29: Taking a Comprehensive Approach to Third-Party Risk Management” include:

  • Critical factors that drove the establishment of the OCC 2013-29 Bulletin;
  • Three areas banks need to improve right away in order to achieve compliance and mitigate vendor risk;
  • Challenges on the road to achieving OCC 2013-29 compliance; and,
  • How to choose the right vendor risk management solution.

Prevalent will be showcasing the OCC 2013-29 whitepaper at Incisive Media’s Cyber Risk North America Conference March 24-25, 2015 in New York City. Prevalent CEO Jonathan Dambrot will also be presenting on the topic of “Third-Party Risk Management and Cyber Security” during the conference. His session is scheduled for Wednesday, March 25 at 12:20 p.m. (ET).

To download “OCC 2013-29: Taking a Comprehensive Approach to Third-Party Risk Management”, visit http://www.prevalent.net/resources/white-paper-occ-2013-29-taking-a-comprehensive-approach-to-3rd-party-risk-management/. For more information regarding Prevalent visit www.prevalent.net; email info@prevalent.net; or call 877-PREVALENT.

About Prevalent

Prevalent is a vendor risk and cyber threat intelligence innovator with a reputation for developing cutting-edge technologies and highly-automated services that are proven to help organizations reduce, manage and monitor the security threats and risks associated with third-party vendors. www.prevalent.net.

 

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