Business Continuity Review - Bank Vendor Management Services
Available from Venminder, Inc.
How effective are the business continuity plans of your bank's vendors?
Venminder's Business Continuity Review is an in-depth look at the business continuity plans for your vendor product, including testing results and client-side requirements.
According to the recent Appendix J guidance released by the FFIEC, as part of its due diligence, a financial institution should assess the effectiveness of a TSP’s business continuity program, with particular emphasis on recovery capabilities and capacity.
Furthermore, the financial institution should review the TSP’s BCP program and its alignment with the financial institution’s own program, including an evaluation of the TSP’s BCP testing strategy and results to ensure they meet the financial institution’s requirements and promote resilience.