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Bank Vendor Management – An Aspirin to Prevent a Headache or Just a Headache?

As banks have become reliant on third-party service providers, banking and consumer regulators are becoming more aggressive against both banks and the service providers for violations of applicable laws. Banks and third party service providers to banks must take pro-active steps to avoid being subjected to the significant enforcement powers that regulators can wield to ensure compliance. These powers, while intended to sting, can put a third-party out of business due to their financial impact and/or their impact on the entity's reputation.

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