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May 7, 2024

Emerging Issues in Financial Institution Third-Party Risk Management

Charles Nerko, team leader for data security litigation in Barclay Damon’s Data Security & Technology Practice Area, led a session titled “Emerging Issues in Financial Institution Third-Party Risk Management” at the Office of Banking Conference. This event, hosted by the Michigan Department of Insurance and Financial Services, serves as an educational program for government financial institution regulators and examiners.

In his presentation, Charles focused on equipping government officials to identify and address emerging safety and soundness risks associated with core processing and other technology contracts utilized by banks and credit unions. He detailed strategies for effective oversight of these third-party relationships. 

Further, Charles explored methods to ensure proper accountability and recourse when a core processor or other outsourced technology provider exposes a bank or credit union to potential losses. He emphasized the importance of using the contracting process effectively as a risk management tool and enforcing compliance standards. Additionally, Charles offered guidance on ensuring compliance with applicable laws when financial institutions engage third-party vendors, as well as strategies for terminating disadvantageous core processing contracts without incurring excessive early termination fees.

The Michigan Department of Insurance and Financial Services seeks to protect the security of Michigan residents. The agency regulates 157 credit unions and 87 banks. 
 

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We're Growing in DC!

We’re excited to announce Barclay Damon’s combination with Washington DC–based Shapiro, Lifschitz & Schram. SLS’s 10 lawyers, three paralegals, and four administrative staff will join Barclay Damon while maintaining their current office in DC’s central business district. Our clients will benefit from SLS’s corporate, real estate, finance, and construction litigation experience and national energy-industry profile, and their clients from our full range of services.

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