Summary of Interagency Guidance on Third-Party Relationships: Risk Management
Updated 09/22/2023
The Federal Reserve Board, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the “Agencies”) issued the Interagency Guidance on Third-Party Relationships: Risk Management (“Guidance”) on the development of risk management practices and procedures to implement for effective third party vendor management. The Agencies offer recommendations for planning, contract negotiation, due diligence, monitoring, termination, and review of third-party relationships. While the guidance technically does not impose any new requirements, it does highlight key principles banking organizations can use when developing and implementing risk management processes tailored to their risk profile and the complexity of their third-party relationships.
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