Risk Management Indispensable in Bank-Fintech Partnerships

When banks and financial technology (fintech) firms collaborate, both can better serve the needs and expectations of a dynamic consumer market. However, while these partnerships can be mutually beneficial, they can expose both parties to a number of risks. Banks and fintech firms alike can protect themselves from these risks by establishing an effective risk management framework that identifies, assesses, manages, and controls risk through the third-party life cycle.