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Effective Date: Interagency Guidance on Third-Party Relationships: Risk Management

AGENCY:

The Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), Treasury.

ACTION:

Final interagency guidance.

SUMMARY:

The Board, FDIC, and OCC (collectively, the agencies) are issuing final guidance on managing risks associated with third-party relationships. The final guidance offers the agencies’ views on sound risk management principles for banking organizations when developing and implementing risk management practices for all stages in the life cycle of third-party relationships. The final guidance 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 are issuing this joint guidance to promote consistency in supervisory approaches; it replaces each agency’s existing general guidance on this topic and is directed to all banking organizations supervised by the agencies.

DATES:

The guidance is final as of June 6, 2023.

https://www.federalregister.gov/documents/2023/06/09/2023-12340/interagency-guidance-on-third-party-relationships-risk-management

  • June 6, 2023
  • Time: All Day
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