What OCC Bulletin 2023-17 Third-Party Risk Management Interagency Guidance requires
OCC Bulletin 2023-17, issued jointly by the OCC, Federal Reserve, and FDIC in June 2023, provides interagency guidance on third-party risk management for banking organizations, establishing a risk-based approach to managing third-party relationships across the full lifecycle - planning, due diligence, contract negotiation, ongoing monitoring, and termination - with heightened requirements for critical activities and fintech arrangements, replacing the OCC's prior 2013-29 guidance.
Pillar: Workflow Automation · Authority: Office of the Comptroller of the Currency (OCC); Federal Reserve Board; FDIC · Version: 1.0.0 · Last updated:
Primary source: https://www.occ.gov/news-issuances/bulletins/2023/bulletin-2023-17.html
SHA-256 integrity: 6a097c24fbf3fbce65971307ccb2cf9059164917ba18b91d5fd11c99fcb774ae
Primary Citations — 6 traced to source
- OCC Bulletin 2023-17, Introduction: This guidance provides principles for banking organizations to consider when developing and implementing risk management practices for third-party relationships throughout the entire life cycle of the relationship.
- OCC Bulletin 2023-17, Section II: A banking organization should adopt risk management practices commensurate with the level of risk and complexity of its third-party relationships, with more comprehensive risk management practices applied to critical activities.
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