The Pacific Tsunami Warning Center in Ewa Beach, Hawaii detects, locates, and determines the magnitude of potentially tsunami genic earthquakes and issues warnings of imminent risk. Similarly the Federal Reserve Board is responsible for detecting, locating and determining the magnitude of potential risks posed by financial institutions on the U.S. and global economies. In the wake of the Dodd-Frank Act and the Federal Reserve Board’s announcement that it is conducting Vendor Management Discovery Reviews, this paper examines the impact of the growing importance of Vendor Management and governance on the way financial organizations interact with service providers. The observations and recommendations included in this white paper are focused on preparing the reader to fully appreciate the risks involved in forming a multi-sourcing strategy, the Federal Reserve Board’s likely direction in conducting initial Discovery Reviews and how to prepare for and perform well in a Discovery Review.

Contributors: Alsbridge
Categories: Whitepaper
SRC Type: Risk Management, Risk Management Outsourcing (RMO), Sourcing Management, Talent Management