Lawyers Can’t Fly and Other Hard Truths About Third-Party Risk Management
June 30, 2022 | 01:30 pm ET
Co-Presenter(s): Kevin Sasser
“We did all of this due diligence, collected all this documentation, and the company still failed.” – A chorus of Risk Managers since 2020 With a rise in Synthetic Companies, 4th Party Ransomware Attacks, Supply Chain Disruptions, and OFAC playing a central role in the Russia/Ukraine conflict, the conditions related to Third-Party Risk Management have transitioned from “check-the-box compliance theater” to a critical skill necessary for an institution’s survival.” In this session, Kevin Sasser, AAP, will share current trends that are influencing industry best practices and regulatory expectations along with how risk aware organizations are evolving to become more efficient, proactive, and scalable. Terri Sands, CAMS – Audit, AAP and CFE will discuss the state of BSA/AML, OFAC and Fraud in the world of payments and outline how third-party emerging technology is either fighting back or failing. Terri will also discuss regulatory scrutiny on how financial institutions are managing their third-party risks and ensuring their AML and fraud technologies are working as intended.
Terri Sands is a Managing Director in the Disputes, Compliance, and Investigations group and specializes in Payments and Regulatory Compliance & Financial Crimes.
Prior to Stout, Terri founded Secura Risk Management in 2011 and successfully led the company's membership, consulting, and compliance auditing practices. She has extensive experience in the financial services industry including 20 years of consulting experience and 15 years of direct banking experience in the Federal Reserve Bank of Atlanta. Terri has also served in various positions in a community bank including Director of Payments Strategy and Risk Management and Director of the Financial Investigation's Unit.
Throughout her career, Terri has served as a leader in the payments, BSA/AML and OFAC/Sanctions, and fraud and risk management areas, providing education, risk management, strategy, compliance, and program enhancement support for financial institutions of all types and sizes, including FinTech providers.
Her consulting engagements have primarily focused on financial institutions (e.g., banks, credit unions, bankers banks) and FinTech clients. Terri works with clients to develop strategies to enhance payments, BSA/AML, and fraud programs and processes. She has assisted both national and state-chartered financial institutions to successfully work through regulatory scrutiny and public enforcement actions.
Her personal approach, professional experience, and understanding of the needs of financial institutions and FinTech providers provides a practical approach for assisting clients to mitigate risk by promoting change.
Terri regularly authors publications, speaks with, conducts webinars, and trains practitioners, financial regulatory and governmental agencies, and other experts on topics including, but not limited to payments, fraud prevention, risk management and strategy, operational compliance, BSA/AML and OFAC/Sanctions, financial crimes, elder financial exploitation, and operational risk management improvements and efficiencies.