Skip to Main Content
Services Talent Knowledge
Site Search
Menu

Events

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. 
 

Featured Media

Alerts

NYS Legislature Seeks to Restrict Time Period for Third-Party Actions

Alerts

United States Department of Justice Issues Antidiscrimination Guidance to Federal Funding Recipients

Alerts

NYSDEC Finalizes Regulations to Manage the Endangered and Threatened Species Mitigation Bank Fund

Alerts

NYS Energy Planning Board Releases Draft Energy Plan, Detailing Pathways to Decarbonization While Maintaining System Reliability Through 2040

Alerts

Non-Judicial Collateral Remedies, Part 3 – Strict Foreclosure

Alerts

Court to Weigh Key Privacy Issues in Web Tracking Case Against Cigna