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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-06-08T13:50:00
U.S. banking regulators on Tuesday combined to issue final guidance on managing the risks of third-party relationships that replaces the previous documentation each agency released individually.
The Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), and Treasury Department’s Office of the Comptroller of the Currency (OCC) cited their desire for promoting consistency and clearly articulating risk-based principles for third-party risk management in publishing the 68-page document. The guidance supersedes previous iterations put forward by the Fed in 2013, FDIC in 2008, and OCC in 2013.
The guidance, which is directed at all supervised banks, “states that sound third-party risk management takes into account the level of risk, complexity, and size of the banking organization and the nature of the third-party relationship.” The agencies cited an increase in the number and type of banks’ third-party relationships, including with financial technology (fintech) partners, as a driver behind the new documentation.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
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2024-05-06T15:29:00Z By Aaron Nicodemus
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency combined to provide guidance on third-party risk management focused on the unique risks faced by community banks in their third-party relationships.
2023-07-05T17:10:00Z By Kyle Brasseur
The impact of new technologies like generative artificial intelligence on the third-party risk management landscape was among the points of discussion addressed at Compliance Week’s TPRM Summit in Atlanta.
2023-06-20T20:20:00Z By Aaron Nicodemus
As financial institutions mull potential growth opportunities with digital asset and artificial intelligence tools, Acting Comptroller of the Currency Michael Hsu warned against leaving risk and compliance teams out of the loop.
2024-11-25T19:18:00Z By Aaron Nicodemus
The Department of Justice has added antitrust compliance guidance in an update to its Evaluation of Corporate Compliance Programs.
2024-11-25T18:30:00Z By Aaron Nicodemus
Change is likely coming to the Securities and Exchange Commission’s enforcement priorities with the pending handover of the White House to Republican President-elect Donald Trump. Adjust your compliance priorities accordingly.
2024-11-22T14:17:00Z By Adrianne Appel
Dr. Mehmet Oz, President-elect Donald Trump’s pick to lead the Centers for Medicare and Medicaid Services, has a mandate from Trump to “take on the illness industrial complex” and to cut costs.
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