Third-Party Risk

News & Analysis as of

New Opportunities in Cross-Border Special Situations Lending

Recent changes in cross-border leveraged loan documentation requirements open up new possibilities for both borrowers and lenders. Cross-border leveraged loan documentation has become increasingly permissive with respect...more

Companies: Five Steps to Protecting Trade Secrets

If your management team knows it needs to better protect company trade secrets but isn’t sure where to start, take note. and PwC have put together a five-step framework to guide companies on how to identify, assess...more

The SEC OCIE Announces Increased Scrutiny of Broker-Dealers’ and Investment Advisers’ Cybersecurity Programs

On September 15, 2015, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a National Exam Program Risk Alert (2015 Risk Alert) to provide broker-dealers and investment...more

Unprecedented Hacking and Trading Scheme Highlights Key Cybersecurity Lessons

On Aug. 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the U.S. and Ukraine who were allegedly involved in a five-year,...more

The Practical Need for Managers of Micro Captives and the Allure of 'Off Label' Uses

Every tax season, the Internal Revenue Service releases a “Dirty Dozen” list of schemes that it considers abusive and widespread enough to present a systemic threat to its enforcement of the tax laws. This year’s list...more

Organizational Conflicts of Interest

OVERVIEW - - Introduction to Organizational Conflicts of Interest (“OCI”) - Unequal Access to Information - Biased Ground Rules - Impaired Objectivity - Waiving an OCI - Strategic...more

Transferring Customer Data in an Asset Sale

In today’s world, consumer data is a huge asset for companies across all industries, in particular those in technology-focused spaces like social media, apps, wearables, and retailers involved in e-commerce. The value of such...more

California, Nevada Expand Scope of Customer Personal Information Subject to Reasonable Security Measures

Recent statutory amendments passed in California and Nevada expanding the definition of “personal information” will significantly impact the security measures businesses operating in these states must implement when handling...more

Risky Business: A Three-Step Plan For Addressing Harassment By Nonemployees

Employers have long understood that they face potential liability when an employee is sexually harassed by another employee and they do nothing to prevent or fix the known problem. It is also true, but perhaps less well...more

Guest Post - Just the Fax, Ma’am

While Bexis is on vacation, here is a guest post to take up some of the slack. Our guest blogger today is Henry Pietrkowski, a partner in Reed Smith's Chicago office. This one's a little different. It's about the impace of...more

White House Hostage Policy Leaves Risk on Table for Third Parties

Last month, the White House announced a change in its policy toward overseas hostage-takings of U.S. citizens. The new policy, accompanied by an Executive Order, aims to effect policy changes at home and overseas, including a...more

Human Rights as a Business and Reputational Risk

News reports on human rights issues have become a steady drumbeat for companies in a variety of industries that operate in and source from nations in the developing world. The risks to companies posed by human rights abuses...more

Third Circuit Clarifies FDCPA Restrictions on Third-Party Communications

Action Item: Lenders and servicers should continue to maintain policies and procedures that minimize third-party communications and ensure maintenance of sufficient records documenting the frequency and purpose of those...more

AML Risks and Compliance for Non-Financial Institutions

Consider yourself lucky if you work at a company that does not fall within the Title 31 of the US Code definition of a “financial institution.” I am being somewhat dramatic but it is important for every company to have an...more

Free Wi-Fi: German Court Seeks Clarification in Luxembourg

Compared to other countries, Germany lags behind when it comes to free Wi-Fi spots. A recent study conducted by the Association of the German Internet Industry has shown that of around one million public hotspots in Germany...more

Texas Adds Exemptions to Texas SAFE Act Licensing Requirements

Texas has amended its provisions relating to exemptions from the applicability of the Texas SAFE Act for certain nonprofit organizations and their residential mortgage loan originators (MLOs). Under the amendment, a nonprofit...more

FCPA Compliance and Ethics Report-Episode 169-the First Mailbag Issue [Video]

In this inaugural Mailbag Episode, I field questions from an earlier podcast on the training of third parties under the FCPA. ...more

Third Party Risk Management

There is something in a name. More people in the compliance industry, when referring to third-party due diligence, are labeling it “Third Party Risk Management.” I like it because it is more accurate....more

How Smart, Connected Due Diligence Systems are Transforming Third Party Risk Management

The compliance field is in the early stages of a paradigm shift on managing due diligence—moving from a data drought to a data flood. Today’s compliance manager has to figure out how to proactively and continuously manage,...more

FCPA Compliance and Ethics Report-Episode 157-Training of Third Parties Under the FCPA [Video]

In this episode I discuss the training of third parties under the FCPA. I review the DOJ/SEC FCPA Guidance on this issue; the risk ranking of third parties to help deliver your training; the types of training you can utilize...more

Automation and AML/BSA Compliance

The future of compliance includes technology solutions. Do not get me wrong – technology is not a panacea but it is an important strategy for leveraging resources. In the anti-corruption and sanctions compliance arenas,...more

A Primer on FTC Expectations for Your Partner and Vendor Relationships: Enforcement Shows You Are Your Brother’s Keeper

With all of the privacy and data security enforcement actions brought by the Federal Trade Commission in recent years, and with all of the guidance distributed by the FTC in that time frame, it is easy to get caught up in...more

Vendor Management Risks and Controls

What are the Risks? In an effort to heighten efficiency and cost effectiveness, many financial institutions choose to outsource certain services to third party vendors. While these providers often play a beneficial...more

Implementing an Effective Third Party “Audit” Program

Explore new approaches to third party audits for a more effective, risk-aligned third party risk management program.    Compliance officers have been insisting on (and should continue to insist on) including third party...more

New York’s DFS Reports on Third-Party Cyber Security

Why it matters - A new report released by New York’s Department of Financial Services (DFS) detailed the vulnerabilities found in the relationships that many financial institutions have with their third-party vendors....more

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