Risk & Compliance Roundup: Third-Party AI Risk, Corporate Transparency Act
- January 31, 2025
- Quantivate
Welcome to your weekly roundup of risk and compliance management resources, brought to you by Ncontracts.
This edition covers topics including:
- Vendor risk assessment basics
- Third-party AI risks and how to manage them
- The Corporate Transparency Act: status update & compliance tips
New from the Nsight Blog
TPRM 101: What Is a Vendor Risk Assessment?
Vendor risk assessments help your financial institution identify and address potential third-party risks before they escalate into bigger problems. Get back to the basics with this introduction to the fundamentals: the purpose of vendor risk assessments and where they fit in the TPRM lifecycle, what regulators expect, and how to conduct them effectively.
How to Manage Third-Party AI Risk: 10 Tips for Financial Institutions
Want to harness AI’s potential while protecting your institution? Learn 10 essential tips for managing third-party AI risks, from ensuring transparency and monitoring for bias to effective vendor due diligence and contract management — all designed to help you navigate the evolving AI landscape safely and successfully.
What You Need to Know About the Corporate Transparency Act
Even though the Corporate Transparency Act (CTA) is stalled for now due to a nationwide injunction, that doesn’t mean financial institutions can forget about it. Learn what your compliance team needs to know about the CTA’s beneficial ownership reporting requirements, how the act impacts your business customers and your institution, and why you need an effective change management process to prepare for implementation.
Bonus Resource
Is Your Financial Institution Facing Fair Lending Risk?
Not sure whether your institution needs to be concerned about fair lending risk? Download our handy flowchart to answer a series of questions and uncover possible sources of risk, from marketing demographics to underwriting practices and more. Plus, check off 8 compliance management capabilities that ensure you don’t have any gaps in your lending compliance program.