Matt Gunn, Managing Editor | TechComply
You can’t outsource responsibility, or so the adage goes. The Office of the Comptroller of the Currency reinforced the notion with its updated risk management guidance on third-party relationships.
Under the new guidance, financial institutions face new or increased scrutiny relating to their relationships — contract or otherwise — with outside partners. As the OCC’s press release points out, using a third party doesn’t ease the responsibility of the financial institutions, its board or its management when it comes to ensuring safe and compliant banking.
“We have concerns regarding the quality of risk management on the growing volume, diversity, and complexity of banks’ third-party relationships, both foreign and domestic,” Comptroller of the Currency Thomas J. Curry said in a statement. “This guidance provides (more…)