11/26/2023 0 Comments Compliance guru log in![]() It replaces each agency’s existing guidance on this topic and is applicable to all banking organizations supervised by the agencies (currently all financial institutions except credit unions). According to the agencies, “The proposed guidance provides a framework based on sound risk management principles that banking organizations may use to address the risks associated with third-party relationships.” In June of 2023 all three ( OCC, FDIC, Federal Reserve) jointly adopted the final guidance, stating that: “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 agencies issued this simultaneously to “ promote consistency in supervisory approaches”, something we fully support and have long advocated. ![]() In July of 2021, the three primary bank regulators (OCC, FDIC, and Federal Reserve) proposed new guidance on third-party risk management (TPRM).
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