Bank vendor management program

You can register online to introduce your company's products or services to us. The information you provide will be treated confidentially and is subject to reasonable and prudent safeguards against improper disclosure. Bank of America expects its vendors to be able to meet the minimum assessment activities required as detailed in the Third Party Assessment Activities Guide.

Supplier sign-in. Friday, a. Eastern Time. Australia Contact: Hong Kong Contact: Korea Contact: Singapore Contact: India Contact: supplierregistration bankofamerica. Our company Business practices Vendor management. Vendor management We are dedicated to doing business with suppliers that respect ethics, human rights, diversity and inclusion, and the environment. Human rights We are committed to fair, ethical and responsible business practices as we engage with our employees, clients, vendors and communities around the world.

Supplier diversity In , Bank of America celebrates 30 years of commitment to engaging with diverse-owned companies. Impact exhibit. Key Features Vendor Classification — Understand your inherent risk with criticality and risk scoring. Vendor Analysis — Use built-in tools and guided processes for evaluating new vendors, conducting contract reviews, monitoring risk and performance, and tracking incidents. Vendor Self-Service Portals — Set up temporary user accounts to create powerful self-service portals for vendors or other contributors.

Built-in Content — Access templates for vendor analysis, vendor termination, due diligence questionnaires, vendor incident polling, and contract reviews. Notifications — Receive automated "action needed" alerts and notify specific employees of due dates. Customizable Report Templates — Use pre-built, audit-ready reports or customize them to fit your needs. Audit History Log — Track document changes by employee and vendor.

SaaS Platform — Easily deploy our web-based application, which features automatic updates and maintenance. Dashboard Layout — View reports and statuses at a glance for quick decision-making. Dynamic Workflow Engine — Configure workflows, pages, and questionnaires to gather information from external third parties.

Digital File Library — Easily store and access digital files, vendor information, contracts, due diligence documentation, and more in one centralized location. User Group Security — Set employee security levels and assign vendors to specific employees.

Auto Back-Up — Keep your work safe and secure. Optional Deployment and Consulting Services — Save time and effort with optional vendor due diligence and contract review services.

Optional Consulting and Implementation Your time is valuable and chasing down vendor information is time-consuming, expensive, and often never gets done. Ensure you have a clear and concise policy in place to govern your vendor management initiative. Establish clear guidelines for determining vendor and third party criticality. Configure automated workflow questionnaires that align with your policy and vendor management program. Follow up with third parties to ensure appropriate due diligence documentation is obtained.

Recommend likelihood ratings to enable quick risk assessments for third party relationship risk. Configure workflow surveys for your internal vendor owners to determine the overall risk rating per vendor and mitigation. Setup annual review cycles for critical vendors. Bank GRC Solutions Recently the global financial industry has seen an unprecedented increase in regulatory requirements, forcing institutions to have a greater focus on the way risk is managed.

However, third-party vendors often have privileged access to critical assets of their clients, and financial institutions have limited abilities to control the way these privileges are used. This is why addressing cybersecurity risks associated with subcontractors is vital for banks and other financial institutions.

Building an effective third-party vendor risk management program can help institutions clearly define the risks they face when working with third parties as well as the most effective ways to mitigate them. Ekran System is an insider threat prevention platform that comes with a set of useful features for effective third-party vendor management. Our platform allows you to monitor user activity, manage privileged access, and respond to cybersecurity events in real time.

Take the first step towards enhancing the cybersecurity of your organization — download a trial version of Ekran System today. Ekran System is excited to announce integration with Hideez. This cooperation will allow our clients to use Hideez Key for more secure endpoint identity and access management. Share this article:. Mitigate insider risks with Ekran System.

Request pricing. White Papers. Why do banks hire third-party vendors? In the past few years, we've seen plenty of proof: In April , a subcontractor uploaded a database with personal information of 20, customers of Scottrade Bank to unprotected cloud storage. In July , hackers used a third-party vendor to attack Italian bank UniCredit. The bank actually suffered two attacks in ten months — the first in autumn , the second in summer As a result of these attacks, nearly , customer loan accounts were exposed, containing personal information and banking details.

The attack remained unnoticed for several months. According to official statements, there was a risk of data leaks due to malware injected by the attackers. As a result, anyone could get access to a database with over 24 million credit reports containing sensitive customer information. So what are the risks posed by third-party vendors? Read also: Banking and Financial Cyber Security Compliance Building a third-party risk management program Prevention is always better than cure.

OCC Bulletin outlines five key stages of the third-party risk management lifecycle: Planning. Build a thorough plan for managing relationships with third parties. This plan should take into account the complexity and the level of risk posed by relationships with particular subcontractors. Due diligence. Validate your third parties and make sure they have the necessary level of cybersecurity and financial stability to provide your organization with the required services or products.

Contract negotiation. Oversight and accountability. Senior management is responsible for establishing proper risk management regarding cooperation with third parties. Below, we list the key benefits of implementing a TPRM program.

To build your own TPRM program, you can start with the following third-party vendor risk management practices: Appoint responsible personnel. Read also: Incident Response Planning Guideline for Mitigate third-party risks with Ekran System Ekran System is an ultimate platform for managing third-party cybersecurity risks.

Video is coupled with audio records and indexed with metadata such as keywords, visited URLs, and names of opened files and applications. As a result, you can make sure that a specific system or endpoint can only be accessed by a limited circle of people and can limit the time for which such access is granted. To improve the protection of your most critical assets, you may use additional features such as two-factor authentication , manual access approval, one-time passwords, and secondary authentication.