A clear and bold header

New Watchword: Subservice Organization

Posted by Jay Fitzhugh on Mar 28, 2018 5:15:14 PM

By now, many organizations have begun to receive control audit reports covering 2017 (SOC1/SSAE18 and SOC2). One element of note is the emergence of subservice organizations, or fourth parties, in reports generated after May 1, 2017.

It is interesting to see the reveal of underlying providers (fourth parties) within the updated reporting formats. While these new formats intentionally define what is being performed by contracted fourth parties, the disclosure of who is performing these efforts is often not as revealing as we expected or hoped. At times, there is a fog placed on the identities of fourth parties; phrases like "industry-recognized third party" or "subservice organization" are inserted in place of the names of the companies your vendors have outsourced responsibilities to.

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Topics: Vendor management, Banks, Banking, Insider, fourth party, fourth parties, subservice, SSAE18, control audit, control audit report

Use Vendor Management to Stay Competitive

Posted by Jared Howe on Mar 28, 2018 4:45:46 PM

New tax plan is enabling many banks to invest in technology that helps them be more competitive. Vendor management is leading the way. 

At this year's ABA National Conference for Community Bankers (NCCB), ABA President Rob Nichols
discussed how banks are already spending based on savings they'll see under the new tax plan. According to ABA polling, banks are reinvesting their projected tax savings in their employees, customer growth, philanthropic activities, and technology to help them gain a competitive edge. This is going to put pressure on other banks to invest or get left behind.

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Topics: Banks, Banking, Competition, Tax Plan, ABA, American Bankers Association, Third-Parties, ROI, Vendor management

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