Banks, Fintechs, Regulators, oh my! The future of the financial world is a partnership-based-ecosystem. Knowing who your partners are (and what risks they bring) is vital.
A risk assessment can help evaluate your level of exposure, investment and dependency, assigning a risk rating to each vendor. Higher-risk vendors deserve additional scrutiny in terms of performance, consumer protection compliance, contract content, financial stability, internal controls and business continuity planning.