On Tuesday, June 6, 2023, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (collectively, the agencies) issued the “Interagency Guidance on Third-Party Relationships: Risk Management.” This marks the long-awaited finalization of the proposed guidance that was initially issued on July 19, 2021, with a 90-day comment period that extended until October 18, 2021.  

In this Flash Report, we address the finalized and revised third-party risk management guidance by U.S. banking regulators, ensuring robust risk practices and enhanced cybersecurity.