Vendor Management is the Greatest Challenge When Maintaining a Compliance Program

CHICAGO (January 4, 2017) – A poll conducted by Baker Tilly Virchow Krause, LLP (Baker Tilly) indicates that 60 percent1 of banking institutions specify vendor management as the area in need of the most improvement within its compliance management program.

Most financial services companies are critically dependent upon some vendor for any range of services,” said Timothy Kosiek, CPA, partner in the financial services group with Baker Tilly. “The expectation, whether it is the Consumer Financial Protection Bureau (CFPB) or the Office of the Comptroller of the Currency (OCC), who is very stringent on vendor management policies, is that a vendor risk management program should fully incorporate a consideration of how vendors address matters of compliance with consumer laws and regulations.”

Baker Tilly recently held an educational webinar, “Building an effective CFPB compliance program,” to provide banking institutions with insights and recommendations to consider when creating and maintaining an effective compliance management program.

The Baker Tilly webinar discussed:

  • The changing regulatory environment
  • Board and audit committee compliance management responsibilities
  • Key elements of an effective compliance management program
  • Internal audit strategies

Presentation slides and a recording of the webinar are available at bakertilly.com/insights/building-an-effective-cfpb-compliance-program.

About Baker Tilly Virchow Krause, LLP (bakertilly.com)

Baker Tilly Virchow Krause, LLP (Baker Tilly) is a nationally recognized, full-service accounting and advisory firm whose specialized professionals connect with clients and their businesses through refreshing candor and clear industry insight. With approximately 2,700 employees across the United States, Baker Tilly is ranked as one of the 15 largest accounting and advisory firms in the country. Headquartered in Chicago, Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 141 countries, with 28,000 professionals. The combined worldwide revenue of independent member firms is $3.8 billion.

160 percent of respondents answered “Vendor management” to a polling question during Building an effective CPB compliance program webinar on November 30, 2016.