Federal Agencies Release Third-Party Risk Management System

The Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency issued a guide for community banks on managing third-party risk.

The guide emphasizes that while banks can engage third parties for risk management, they must maintain responsibility for operating safely and complying with regulations. The document offers insights and examples throughout the risk management process but does not dictate specific practices or provide legal compliance assurances. It also does not replace existing interagency guidance on third-party relationship risk management. Read the full statement and see the guide here.