Third Party Risk Management

Ensure Compliance with International Financial Service Regulations

Third Party Risk Management

Ensure Compliance with International Financial Service Regulations

Holistically Manage Third-Party Risk to Meet Regulatory Requirements

Financial firms increasingly rely on third parties to help drive innovative customer experiences, manage ever-growing technical requirements, and streamline their operations. Firms realize that these changes are needed to continue winning customers in the face of intense competition. While the expanded use of third parties can provide more capabilities and save costs, firms must ensure that they meet the expectations of international regulators including the OCC, NYDFS, CFPB, EBA, and others for third-party risk management.

GET VISIBILITY INTO THIRD-PARTY RISK

Understand inherent and residual risk across the entire supply chan, including suppliers to third parties (4th parties, 5th parties, etc.) which may also increase your risk exposure. Get visibility into each entity across your extended enterprise, the inherent risk of each relationship, assessment status, and residual risk.

Third Party Compliance Feature 1

Identify and Manage all Third Parties Posing Risk

Identify and onboard suppliers and then identify, assess and manage risks posed by each relevant third-party relationship. Coupa lets firms take into account the business objectives of each third-party relationship when identifying risk. Firms can monitor relationships based on their inherent risk and understand the residual risk.

Third Party Compliance Feature 2

Comply with OCC Guidance

Financial firms must comply with OCC guidance issued in a series of bulletins on the management of third-party relationships (OCC BULLETIN 2017-21, OCC BULLETIN 2017-7, and BULLETIN 2017-21). Coupa helps firms streamline third-party risk management while complying with this guidance.

Comply with CFPB Requirements

Supervised institutions within the financial services sector are faced with additional cost and time required to ensure compliance with the Consumer Financial Protection Bureau requirements for 3rd party oversight, as specified in CFPB Bulletin 2012-03, and preparation for CFPB examinations. Coupa can help firms reduce compliance risk while streamlining risk and compliance efforts.

Third Party Compliance Feature 4

Ensure Due Diligence Controls

Coupa helps firms holistically manage third-party risk to ensure compliance with various Financial Services industry regulations. Firms must put effective controls in place to manage a broad variety or risks including: Business Continuity, Cloud Security, Country Risk, Critical Provider Risk, Financial Viability, Information Security, Physical and Environmental Security, Regulatory/Compliance, Reputational Risk, Supplier Performance, and End-of-Life due diligence.

Due Diligence Controls

Third Party Compliance Feature 5

Avoid Spend Compliance Gaps

Integrate purchasing with ABAC risk management across the company to automatically channel spend to ABAC risk-assessed suppliers, avoiding "rouge spend" and risk with unknown suppliers.

Learn More About ABAC

Third Party Compliance Feature 6