Last week, the OCC (Office of the Comptroller of the Currency), the Board of Governors of the Federal Reserve System, and the FDIC (Federal Deposit Insurance Corporation) collectively issued guidance for community banks on Third-Party Risk Management.
The guide, coming in at around 30 pages, aims to help community banks develop and implement effective third-party risk management practices and important considerations for each state of the third-party risk management life cycle.
We’ve developed a training session to help you incorporate this new guidance into your third-party risk management programs.  Third-Party Risk Management: Old Concepts, New Guidance For Community Banks, happening June 27th, runs through the adjustments you’ll need to take to accommodate this update and sheds some light on why regulators so frequently update their advice on third-party risk management.
In the meantime if you have any questions about third-party risk or the guide, enter it into our forum or drop us a line at support@mycomplianceresource.com.