Adapting exit strategies and TPRM in a digital age

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Aug 16, 2024

Julie Hubbard, Chief Controls Officer – Business Operations, OneSavings Bank

Exit strategies have shifted from a minor consideration to a primary focus in third-party risk management, driven by regulatory demands and the need for operational resilience.
Regulatory frameworks, such as those introduced in March 2021, now emphasize the necessity of robust exit plans for critical third-party services, requiring businesses to prepare for stress scenarios and rapid exits.
Effective exit strategy development involves understanding service dependencies, exploring alternative solutions, and regularly updating plans to reflect evolving technology and business needs.
The rise of digital and fintech environments presents both opportunities and risks, necessitating a balanced approach to third-party management that incorporates comprehensive risk assessments and proactive cyber risk mitigation.

Julie Hubbard Bio

Julie Hubbard is the Chief Control Officer, Business Services at One Savings Bank with over 30 years of experience in the Financial Services and Outsourcing sector. Julie has held various roles in her career working in global, high street, start up and scale up organisations specialising in Operations Management, Transformation and Change, Third Party Risk Management and Quality Assurance. Her carreer in Vendor Management started 20 years ago when first working at CitiFiancial to her responsibilities today at OSB which includes the Group Procurement, Vendor Management and Business Services Assurance Teams. Over the years Julie has been involved and seen the evolvement of the Third Party Risk Management framework and regulatory direction and for the last 8+ years working at One Savings Bank and has been instrumental in driving forward and developing the target operarting model, strategies and policies for the Bank ensuring compliance with asscociated Third Party Risk Management, Intragroup and Outsourcing requlations across the 1st Line Operations, IT and support teams.

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