Financial Services Third Party Risk Management Program Turnaround
The US Banking subsidiary of a large international financial services concern implemented a Program of dozens of projects to address several regulatory deficiencies requiring urgent remediation. The bank's existing Third Party Risk Management (TPRM) organization was unable to develop a robust Program to effectively address these deficiencies. Blue Globe's Principal Consultant, Peter Walzer, was engaged to develop a robust program that would address key issues requiring remediation and provide an effective Project Management Structure so that all related critical projects could be effectively executed. This effort required a significant revamping of existing TRPM remediation activities over a six month period, resulting an effective TPRM Remediation Program that Mr. Walzer operationalized, including creation and communication of executive results to firm's Americas CFO, Americas Risk Management, and Americas Deputy Internal Auditor, as well as FRB, and OCC leadership. Blue Globe's efforts were credited with steering the TPRM Program toward a successful regulatory remediation path.