Compliance Week Survey: U.S. bank failures prompt reassessment of third-party risks 

The recent banking crisis—in which three mid-sized U.S. banks failed—prompted just under half of compliance professionals across all industries to reassess their TPRM procedures, according to a recent survey conducted by Compliance Week and Riskonnect.

That is just one of the many findings of a new survey conducted by Compliance Week, sponsored by Riskonnect.

The survey also revealed that:

  • 45% of respondents changed or considered changing their procedures regarding third parties following the banking industry turmoil that began with the collapse of Silicon Valley Bank.
  • 29% said the bank failures brought to the forefront their ability to identify and manage related risk.
  • 39% said they are not sure they can detect potential red flags with their third-party partners.

The survey includes responses from 118 compliance and risk professionals.

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