Proposed Third-Party Risk Management Guidance

8 organizations filed 8 public comments on Proposed Third-Party Risk Management Guidance, at the Office of the Comptroller of the Currency. The comment window closes in 11d.

Abstract

The OCC, Board, FDIC, and NCUA (collectively, the agencies) invite comments on this proposed third-party risk management guidance. The proposed guidance would reflect the agencies’ supervisory experience and lessons learned through examining banking organizations’ third-party risk management practices. In particular, the proposed guidance would discuss the potential benefits that may accrue when a banking organization aligns its third-party risk management practices in relation to the reasonably assessed risk levels specific to each of its third-party relationships. This approach may assist banking organizations in the prioritization of third-party risk management based on material financial risks, compliance with laws and regulations, and resource allocation. The proposed guidance also would help banking organizations consider potential strategies for tailoring their third-party risk management practices according to the banking organization’s size, complexity, and risk profile, as well as the nature of its third-party relationships. The agencies plan to rescind and replace existing guidance on third-party risk management to promote consistency and innovation in the banking industry.

Commenters (8)

• American Bankers Associationtrade assoc.

  1 filing · confidence 97%
• Coverbase Inc.unverified attribution

  1 filing · confidence 70%
• Empower Me AI LLCunverified attribution

  1 filing · confidence 70%
• Inc. 2unverified attribution

  1 filing · confidence 70%
• International Council for Derivative Tradingtrade assoc.

  1 filing · confidence 85%
• Pehtee-Nu LLCunverified attribution

  1 filing · confidence 70%
• Truliant Federal Credit Unionunverified attribution

  1 filing · confidence 70%
• VeloxVFX LLCunverified attribution

  1 filing · confidence 70%