Sometimes it adds up

Penalties can add up quickly for ineffective vendor oversight of an insufficient compliance management system. The OCC hit Morgan Stanley with a $60,000,000 civil penalty for not having proper oversight of decommissioning two data centers and deficiencies in vendor oversight.  From the Consent Order: “In 2016, the Bank failed to exercise proper oversight of the decommissioning of two Wealth Management … Read More

Want to Share?

We have a member credit union looking for a Vendor Management Policy. If you have one that you are willing to share, please email it to jmckinney@nwcompliance.org Passwords to access the blog posts, and blog posts are only for NWCG owners and retained clients. These should not be shared outside of the credit union. Blog posts generally contain only a … Read More