On June 6, 2023, final interagency guidance was issued on managing risks associated with third-party relationships. The guidance provides sound principles that supports a risk-based approach to third-party risk management. It is important that financial institutions include these practices when developing and implementing risk management practices for all stages in the life cycle of third-party relationships. Key Components: Promotes consistency in the agencies’ supervisory approach to third-party risk management. The guidance replaces the Agencies’ existing, […]
Tag: Third-Party Risk
PROPOSED INTERAGENCY GUIDANCE ON THIRD-PARTY RELATIONSHIPS
On July 15, 2021, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued an interagency proposed rule on managing risks associated with third-party relationships. The proposed guidance would: Offer a framework based on sound risk management principles for banking organizations to consider in developing risk management practices for all stages in the life cycle of third-party relationships […]