- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-05-06T15:29:00
Three federal banking regulators combined to provide guidance on third-party risk management (TPRM) focused on the unique risks faced by community banks in their third-party relationships.
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Treasury Department’s Office of the Comptroller of the Currency issued the guidance Friday.
“Third-party relationships can offer community banks access to new technologies, risk management tools, human capital, delivery channels, products, services, and markets,” the guidance stated. “A community bank’s reliance on third parties, however, reduces its direct operational control over activities and may introduce new risks or increase existing risks, including, but not limited to, operational, compliance, financial, and strategic risks.”
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Identifying critical measures for third-party risk management has become vitally important as risk professionals face an uphill battle in fighting for resources, experts discussed at Compliance Week’s 2024 National Conference.
A notice of proposed rulemaking to modify the Federal Deposit Insurance Corporation’s Change in Bank Control Act was withdrawn after receiving mixed reviews among the agency’s board of directors.
U.S. banking regulators combined to issue final guidance on managing the risks of third-party relationships that replaces the previous documentation each agency released individually.
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
Margaret Holmes Tibbets, chief compliance officer at financial technology company Pipe, explains how firms are facing an existential compliance crisis, and to survive they’ll need to overcome not one but two hurdles.
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
