1b. ALL – Regulatory Considerations Surrounding Service Providers (Intermediate) 

This lab will explore the importance of performing and conducting initial and ongoing due diligence reviews with respect, but not limited to sharing confidential client and firm-related information with service providers.  The panel will discuss best practices, overriding regulatory provisions, and recent enforcement actions concerning service provider relationships.  The session will use real world case studies, examples, group discussions, and other application activities to:

• Understand existing expectations and proposed rules for selection and oversight of third-party and fourth-party service providers.

• Understand the process of onboarding an outsourced service provider, including ensuring appropriate contractual obligations are in place.

• Discuss best practices with respect to an effective risk management program.

• Discuss best practices for handling red flags in service provider relationships. 

• Explore the pros and cons of outsourcing vs. insourcing.