This webcast aired on September 28, 2023.
CPE Credit(s): 1
Interagency guidance on third-party relationships was developed by the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency collectively to provide consistency across regulatory agencies and ensure safe and sound third-party risk management practices for all business relationships.
Although the aim was to simplify, the recent expansion in scope might increase the complexity of current third-party risk management requirements and processes. The good news is the agencies expect different levels of risk management for every third-party relationship.
While some might think this guidance is specifically for banks, if you’re not in the financial industry but your customers are then you should understand and follow these regulations. Additionally, the guidance prescribes a risk-based management approach, which is fundamental to effective third-party risk management and is a recommended best practice for all industries.
Compliance is expected immediately. Join us for this webinar where we’ll cover the new guidance in more detail. We’ll provide a brief overview of the guidance, as well as share practical advice to ensure your organization is fully prepared for the expanded scope and what this means for your organization’s third-party risk management program.
Register to learn:
- An overview of the guidance
- Why the guidance is relevant to all industries
- In scope vs. out of scope
- Compliance considerations for your third-party risk management program
- Strategies to manage the workload and how to partner with teams and leverage your resources
- What it means from a cultural shift perspective
Hilary Jewhurst, Head of Third-Party Risk Education & Advocacy – Venminder