MUFG blocks vendors that refuse to reveal subcontractors
Risk Live: US arm of Japanese megabank asks first line to sign written waivers when risk advisories are ignored
Risk departments should block vendors that refuse to reveal their subcontractors – and require first-line businesses to sign written acknowledgements if they disregard risk advisories and choose to onboard them anyway – a senior risk manager at MUFG Americas has said.
“We do not allow third parties to come on board that will not disclose their subcontractors as part of the due diligence phase with regards to the engagement,” said Jeannie Pumphrey, head of third-party and operational risk
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