Banks urged to track vendor AI use, before it’s too late
Veteran third-party risk manager says contract terms and exit plans are crucial safeguards.
Banks risk being caught unawares if they fail to keep an eye on which direction their vendors are taking in the fast-changing world of artificial intelligence, says veteran risk manager Jeannie Pumphrey.
Since the release of US interagency guidance on third-party risk management (TPRM) in 2023, banks have continued to reassess and update their TPRM frameworks. Much of their efforts have centered on strengthening due diligence on their vendors across core risk areas such as information security
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