The 93-page proposed guidance aims to create uniformity by replacing each agency’s existing guidance with a more updated framework based on sound risk-management principles to address third-party relationship risks. Adoption of risk management processes that are commensurate with the identified level of risk and complexity of the third-party relationships, along with the organizational structure of each financial institution, is recommended. The guidance outlines the third-party risk management life cycle and identifies principles applicable to each stage.
Stay tuned for more information once the guidance is formalized. In the meantime, should you have any questions on how this could potentially impact your financial institution, contact Doeren Mayhew’s regulatory compliance specialists.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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