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Thursday, October 31, 2013

OCC Issues New Guidance on Third-Party Risk Management

The OCC issued new guidance regarding third-party risk management citing increased outsourcing and involvement of third parties in bank activities. In a bulletin that replaces previous OCC guidance in third-party risk management, the OCC said that banks must manage risk associated with third parties at a level commensurate to its use of those relationships.

The OCC noted that bank use of third parties is growing, with banks outsourcing entire functions, business lines and products, and using third parties to engage customers and handle multiple activities for the bank. Effective third-party risk management incorporates thorough planning, due diligence, contract negotiation, monitoring, contingencies for termination and independent review, the agency said.

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