OCC's Eckert on Third-Party Risk Management: Do Not Depend on Tools

Director says no third-party risk management tool provides an end-to-end solution.

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John Eckert, director of operational risk and core policy for the Office of the Comptroller of the Currency, stressed that firms cannot just rely on tools for their third-party risk management.

The phrase "end-to-end solution" has been exhausted by third-party providers since the dawn of time. And while some truly can offer an all-encompassing tool, none exists in the world of third-party risk management, according to John Eckert, director of operational risk and core policy for the Office of the Comptroller of the Currency (OCC).

"We're not aware, at this point, of any application or tool that really covers the full lifecycle concept," said Eckert, speaking at OpRisk North America in

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