Third-Party Risk without the drag

A generation ago, the primary risks confronting banks and insurers were balance sheet exposures, credit quality, liquidity pressure, and market volatility. Vendor relationships existed, but they were relatively bounded. Outsourcing contracts were long-term and operationally narrow. Risk governance structures reflected that stability. Oversight was periodic. Reviews were sequential. Documentation was archived, not dynamically interrogated.

That architecture now feels almost quaint.

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