- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-07-05T17:10:00
New technologies like generative artificial intelligence (AI) could have significant impact on the third-party risk management (TPRM) landscape, but businesses must account for bearing ultimate responsibility.
Such was among the points of discussion at Compliance Week’s TPRM Summit held June 27-28 in Atlanta. The event, conducted concurrently with CW’s first Women in Compliance Summit, attracted nearly 300 compliance and risk practitioners for two days of learning dedicated to TPRM best practices.
During a session on use of AI in TPRM efforts, Karen Coker, director of third-party risk and vendor management at fintech LendingPoint, shared what she expects to see from AI before implementation.
“I’m looking for something that’s efficient, going to manage workflows, gather information, and avoid workarounds to the controls we have in place,” said Coker, who added the goal is for the technology to remain agile and help her program with a risk-based decision.
But she stressed, “When we talk about regulators and auditors … it always comes back to the responsibility is still on my program. So, I have to choose something that is going to keep me from getting in trouble.”
Other standout topics addressed during the event included:
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Managing directors at KPMG share how firms are making strides in building robust third-party risk management programs for the future.
Chief compliance officers and chief ethics and compliance officers desire progressing to the board more than any other role change, our “Inside the Mind of the CCO” survey found. So, what does it take for compliance to get on a corporate board?
Ridesharing company Lyft agreed to pay a $10 million penalty to settle allegations by the Securities and Exchange Commission it failed to disclose a pre-initial public offering stock deal that netted a member of its board millions of dollars.
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
Margaret Holmes Tibbets, chief compliance officer at financial technology company Pipe, explains how firms are facing an existential compliance crisis, and to survive they’ll need to overcome not one but two hurdles.
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
