Third-Party Relationships: Interagency Guidance on Risk Management

What Third-Party Relationships: Interagency Guidance on Risk Management requires

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued the "Interagency Guidance on Third-Party Relationships: Risk Management." This guidance applies to all banks with third-party relationships, which collectively refers to national banks, federal savings associations, covered savings associations, and federal branches and agencies of foreign banking organizations. The guidance promotes consistency in the agencies’ supervisory approach and outlines the third-party risk management life cycle, identifying principles applicable to each stage. The core obligation for banks is to develop and implement third-party risk management practices based on sound principles. These practices must be commensurate with the bank’s risk profile and complexity, as well as the criticality of the activity supported by the third party. The guidance clarifies that not all third-party relationships present the same level of risk or criticality, necessitating a risk-based approach. This bulletin, OCC Bulletin 2023-17, formally rescinds OCC Bulletin 2013-29, "Third-Party Relationships: Risk Management Guidance," and OCC Bulletin 2020-10.

Pillar: Banking & Global Finance · Authority: The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation · Version: 1.0.0 · Last updated: 2023-06-06

Primary source: https://www.occ.gov/news-issuances/bulletins/2013/bulletin-2013-29.html

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