Why Third-Party Risk Management is Now Critical for Financial Institutions
By Jennifer Crossman
As financial institutions rely more heavily on third parties for critical services, the boundaries of risk have expanded beyond internal operations. “Your risk perimeter is no longer just your own four walls—it’s everyone you do business with,” says Tim Albinson, Chairman of Aravo Solutions.
From cybersecurity to ESG compliance, vendor-related risks now pose real threats to reputation and resilience. Regulators like the OCC and FCA are tightening their expectations, demanding better oversight. Yet many firms still rely on outdated, siloed approaches.
Modern TPRM isn’t just about compliance—it’s about enabling smarter, faster, safer decisions. Albinson emphasizes the value of centralized, risk-based systems that track third parties across their lifecycle.
TPRM is no longer optional. It’s a strategic imperative for secure growth in a connected world.
https://medium.com/@timothyalb....inson/the-critical-r
