Opus Launches Unique Third Party Compliance Solution for Banks11.30.2016 By John D'Antona Editor, Traders Magazine
Opus – New York – Leading compliance solutions provider Opus today announced the introduction of the Hiperos 3PM™ Banking Accelerator, a unique, preconfigured solution for risk assessment and risk management of third parties. The 3PM Banking Accelerator dramatically increases the speed, ease and accuracy of risk-assessing third-party relationships and has been designed specifically for financial institutions.
“In an era of increased regulatory scrutiny, banks must assure their boards, management, customers and regulators that they and their third parties are compliant with government mandates and guidelines,” said Emanuele Conti, CEO of Opus. “The 3PM Banking Accelerator significantly enhances our 3PM platform and enables banks to comprehensively assess and mitigate third party risks on an ongoing basis.”
Global regulators expect banks to practice effective risk management, regardless of whether the institution performs an activity internally or relies on a third party. The Banking Accelerator provides nine pre-contract assessments, ten post-contract assessments, and four additional due diligence questionnaires to effectively manage the risks associated with each third party. A consistent framework highlights and evaluates risks, suggests controls, and facilitates efficient due diligence.
Conti added: “Even a mid-sized bank will have thousands of third parties to review and manage on a regular basis, which can be an impossible task without specialized, automated systems.”
The 3PM Banking Accelerator allows banks to comply with the OCC 2013-29 Guidance and is flexible enough to accommodate current and future regulatory changes. The solution provides an immediate, consistent and complete view of all third-party risks and facilitates risk mitigation with automated risk-based controls. Multiple, configurable reports are available and an audit trail is accessible to all stakeholders and regulators.
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