Leveling the Playing Field for Third-Party Risk Management Requirements
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On July 13, 2021, the Federal Reserve Board (FRB), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released a joint request for comment to their Proposed Interagency Guidance on Third-Party Relationships: Risk Management. The agencies issued this proposed guidance in response to feedback requesting alignment among the agencies’ third-party risk management (TPRM) guidance. The deadline for comments to be submitted is September 17, 2021.
In this Flash Report, we summarize the opportunities and key takeaways around TPRM lifecycle considerations, data/infrastructure, and program governance that banks can act upon now.